What do I need to know before starting my Estate Plan?
Estate Planning is a vital step in protecting your family’s future. We can lay out your assets and arrange them to benefit you and your beneficiaries after your passing. Depending on your current holdings, you may find that getting started on your own would be more prudent, but the more assets you hold the more complicated managing them and passing them on become. Start here:
- Make a list of all your assets and liabilities. This can be a formal balance sheet or a simple handwritten sheet. Include:
- Financial Accounts
- Retirement Accounts
- Real Estate
- Business Entities
- Life Insurance
- Potential Inheritances
- Art, Collections, and everything else of value
- Make a list of all children, grandchildren, and other relatives you want to provide for. Gather full legal names, birth dates, social security numbers, and contact information.
- If you have no children (or wish to disinherit them), consider your choices: charity, friends, extended family, or the IRS. You might consider whether you want tax deduction to happen while your living or after you pass.
- Think through who you might appoint to make decisions for you concerning:
- Medical emergencies
- Help with Finances
- Custody of minor or incapacitated adult children
- Make a list of goals and concerns or special circumstances
IF YOU DON”T KNOW THE ANSWER TO THESE QUESTIONS, MEET WITH THE ATTORNEY ANYWAY! Legal counsel can help you navigate these issues and give you guidance on what does and does not work.
The links below will help you decide what your next step should be.