Most people aren’t keen on coming to terms with their mortality, but it’s an unfortunate fact that we all will pass eventually.
When we do, it’s good to know that our wishes will be honored, and our property will be awarded to the people and parties that we wish will enjoy it in our absence.
That’s what makes estate planning so crucial; that, even though it’s grisly to imagine a world without us in it, we have confidence that things will work out the way we want and need them to work out.
Vonnah Bagner of Bagner Law, PC shares top tips when estate planning.
Where There’s a Will, There’s a Way
The most vital component of estate planning is the will. It will often be the very first thing you tackle during the process.
If you have few assets to your name, like personal property, bank accounts, retirement funds, and other investments, it might not be so taxing to list out every item that will need a new home in the event of your passing.
Some people, however, have accomplished quite a bit in their time, and it’s more difficult to quantify everything they have amassed.
Do yourself a favor and draft your first will earlier in your life when you have earned and achieved less and are still relatively healthy. It will be easiest to at least start a will at this time, and you can always amend it as you make more major purchases and investments along the way.
Someone to Put Your Trust In
Setting up a trust fund is a popular way to ensure you are leaving something behind for your loved ones, including children, grandchildren, nieces, nephews, or other loved ones. However, a trust differs in the sense that your gift is not given in one lump sum all at once.
Instead, a trustee holds and manages the assets on behalf of the beneficiaries. This is a great idea if, for example, the beneficiary is underage and likely to squander your gift on frivolous things if they’re left to make decisions they are not yet mentally mature enough to handle.
Consider a trust for these kinds of scenarios.
Determine Who Speaks on Your Behalf
This part is especially uncomfortable for most people, but it could be important to determine who has power of attorney in the event you become incapacitated.
Most people do not want to envision a scenario where they are unable to speak for themselves, but it’s always a realistic possibility, and you want to know that someone you trust will make decisions regarding your healthcare and/or estate in the event you’re no longer able.
Determine who might be the best candidate and speak with them about it. They too may find it emotionally difficult to discuss, but it is an important conversation to have while you’re still able to have it.
Consult a Professional
There are many things to consider when estate planning, but you don’t have to go it alone. Hiring a professional family law attorney provides insight on the process, helping you ensure every matter is discussed and decided on.
Contact Bagner Law, PC today for more information regarding estate planning, as well as all your family law needs.
