According to Fox Business, too many individuals avoid estate planning simply because they assume they don’t need an estate plan. While you might feel confident in the legal system, you’d be surprised the hassles associated with leaving your estate in the hands of the courts. So, instead of risking it, consider these tips for creating a well-rounded estate plan.
- Create an Estate Plan – Estate plans are not just for the rich and famous. If you don’t create a plan, you have no say where your assets will go after your death. Since the laws determine how your assets are divided up, you might be surprised to find out where all of your assets will go. Even if you don’t have a family, drafting a will is the first step in protecting your estate.
- Create a List of Assets – You should take the time one day to sit down and list all of your assets. Assets should include retirement accounts, life insurance policies, property, etc. If you have children, you will also need to create a list of possible guardians before meeting with your estate planning attorney.
- Choose an Executor – This decision is not one you should make with haste. Instead, take your time to evaluate friends and family and their overall worthiness for managing your assets. This is a position for someone who is responsible, mature and highly organized.
- Consult an Attorney – While you might think you can do it on your own, an estate planning professional has the resources to protect your estate. Make an appointment and see what you need to protect your assets and your loved ones.