Creating an estate plan is typically not a quick or easy process, but it is an important part of protecting your wealth and family’s future. If you plan to give your loved ones a portion of your assets or wealth, or have specific plans for how you want your estate to be distributed after you are gone, then estate planning is highly recommended. However, the process can seem like a monumental task to tackle. With the help of a seasoned estate planning lawyer, developing your estate plan can be a less stressful process. There are several tips that you can follow to make your planning much more simple.
Decide What To Include
An estate plan looks different for everyone, and is structured based on the individual’s own needs and preferences. While there are a few things that are typically included in an estate plan, such as a last will and testament, you may want to include additional documents that are specific to your case. For example, there may be more documents you want to include if you are intending to name a legal guardian, or have another type of unique family scenario, such as if you have stepchildren or have been divorced.
Consider Setting Up A Trust
A trust is one of the most common and effective ways to protect your assets and pass them down to your loved ones. When a trust is established, you can decide what amount to put in your trust and how to manage it. It is helpful if you plan to set money aside for a child or heir. There are several types of trust, which includes revocable, non-revocable, living and testamentary trusts. Trusts allow you to keep control of your assets and offer a flexible way to manage them according to your needs.
List All Of Your Assets
Make a list of all the assets that you have to make sure everything is accounted for. Assets not put in an estate plan will end up going to probate, as you can learn from a Bergen County, NJ estate planning lawyer like one from Kaplan Law Practice, LLC. If you fail to include an asset in your estate plan, it may be distributed according to the court’s decision.
Talk To Your Family
One of the reasons to set up an estate plan is to make it easier for your family to manage your estate and receive any assets that you pass down. If you are ever suddenly incapacitated, it will be easier for them to prepare your estate if you leave detailed instructions in your estate plan. It is important to discuss what you have in mind with your family so that they are not left wondering what your plans are. Discussing your estate plan with them also helps to avoid or minimize conflict between your family members.
For more information about legal assistance you can receive from an estate planning lawyer, set up a consultation now.