Estate planning covers more than just your will—in fact, it covers so much ground that you may have trouble knowing where to start. The concept of estate planning may seem overwhelming at first, but if you take it step by step, you’ll soon be able to build a comprehensive plan that protects your wishes and maximizes the assets you pass down to your loved ones. Take a look at these useful tips to stay focused as you craft your own personal estate plan.
1) Skip Probate
Without a proper estate plan, your estate will go through probate court, which can cost your loved ones a great deal of time and money. Certain estate planning tools, like trusts and gifting, can help you skip probate, avoid taxes, and maximize the assets you leave behind. Be sure to ask your lawyer exactly how these strategies can work for you.
2) Make Use of Healthcare Directives
With healthcare directives, you can specify your wishes in the event that you become incapacitated or unable to make medical decisions for yourself. You may be able to put some of your wishes in a living will or create a power of attorney for healthcare. If you have strong feelings about what types of medical procedures you are comfortable with, or what type of care you may want at an older age, you should consider setting up a few healthcare directives.
3) Make Your Wishes Known
Estate planning isn’t all about finances. You can use your estate plan to make final arrangements for yourself, create an account for funeral expenses, add details about the ceremony, and let your family know whether you prefer to be buried or cremated. Your written instructions can be as general as you want, but if you have specific details in mind, be sure to make them known.
4) Find Roles for Family Members
If you worry about sibling rivalries or any kind of infighting among your family members, you may be able to find different roles for everyone to make them feel included in your plan. There are several different roles to choose from, including the guardian of your minor children, trustees and co-trustees, the executor of your will, and people with various powers of attorney. If it makes sense for your family, this approach can encourage cooperation and prevent any one person from misusing their power.
5) Keep Updating
Your estate plan is a constant work-in-progress, so don’t forget to keep updating it to reflect major life events. For instance, you may need to make changes in light of a new marriage or divorce in your family, the birth or adoption of a new child, or the death of a loved one. An updated plan will serve your family much better than an outdated one.
With so much to keep in mind about the estate planning process, you must be able to seek guidance from a capable attorney. At Estate & Long Term Care Group, we will always take the time to familiarize ourselves with your family and your particular needs, so we can create a fully customized estate plan on your behalf. Contact our estate planning attorneys to get started. We look forward to getting to know your family.
Written by ELTC Law Group
