Pablo Luna
No one really wants to think about their death- it’s a morbid subject and life is hard enough as it is. However, it would not be wise to completely avoid the topic because it is inevitable, and it’s best that we look at it from a practical perspective. When you work hard and accumulate assets and property, it’s important that you clarify what happens to them when you’re gone or are unable to function.
If you don’t do this, you’re only giving extra stress and grief to those you leave behind. This is why we’re going to provide you with a simple guide to give you a better understanding of what you need to know about estate planning.
You Need to Make an Inventory
The first thing you need to do is make a list of all your assets. This is important because this will become a serious problem if everything isn’t made clear from the get-go. By listing all your belongings as well as your properties, you’re leaving no stone unturned. Many people often make the mistake of assuming that they don’t have enough to deserve the time to make an inventory, but you’ll find that this couldn’t be farther from the truth. When the time comes, every single possession of yours comes into question. There are 2 categories of assets, tangible and intangible assets. The intangible assets would include things such as bank accounts, stocks, insurance, and any shares you may have in any company. The tangible assets include things such as your car, any material objects in your home that hold value and property.
Hire a Lawyer
The smart thing to do when it comes to estate planning is to hire a lawyer that specializes in this. Even though you might have all the information you need about the process, you have to remember that there is a lot of legal paperwork that goes into it, and you will need the services and guidance of an experienced lawyer. Make sure that you find a credible law firm and visit their website to find out more about them and what services they provide. Call them up and arrange an appointment to see them first and foremost, if you feel comfortable with them. This is imperative because you’re going to be working with this person to deal with everything you own.
Keep Your Children in Mind
If you have children you need to think about what you’d like to have done in the event something happens to you and you either become incapacitated or pass away. Think about who you trust enough to leave them in their care with, who can deal with your finances for them, and how your assets will be split among them and at what age.
Plan for Medical Care
In the event that you become incapacitated, you need to plan in advance how the medical care will be taken care of. Who will you give power of attorney to and who will be responsible for making decisions for your medical care and your funds?
There are separate documents for all of these decisions so make sure that you bring this up with your attorney to make sure you have this covered. Also look into clarifying things with your family, partner, and attorney about your medical insurance if you have it.
Clarify Who the Beneficiaries Are
Lastly, it’s important that you think through the decision you make when it comes to splitting all your assets and funds. This isn’t going to be a mindless decision because you have to think about the different relationships in play. You don’t want your decisions to tear friends and family apart and you have to think about being fair and reasonable. It doesn’t hurt to discuss certain decisions with those closest to you and even takes the opinion of your attorney as they would be extremely experienced with these kinds of situations.
Estate planning is not something anyone wants to think about, but the fact of the matter is that it’s never too early to start. Keep in mind that once you get the ball rolling, you can make changes as time goes by. It’s important to educate yourself on what needs to be done and even more important to humble yourself to the fact that nothing is certain in life, but we can plan for any kind of circumstance. You’ll find that by doing this, you’ll be doing yourself and the rest of your family a great favor because you’ll be saving everyone a ton of grief, confusion, and conflict.
