When And How Should You Start Estate Planning?

When And How Should You Start Estate Planning?

One of the biggest reasons people put off estate planning is that they think they don’t have enough assets or that it will be too difficult. However, it’s never too early to start planning for your future and preparing an estate plan.

Your Asset Inventory – The first step in visit the website estate planning is to create an inventory of your assets and possessions. This will help you locate important documents and information if you become disabled or die.

The inventory can also be useful for your attorney, who can analyze your assets before preparing a plan or drafting your documents.

Making an Inventory – After you’ve created your inventory, be sure to write down the names and addresses of everyone who has access to your financial records and insurance policies. This way, if you do not have a Will or trust, your attorney can quickly locate your records and prepare the documents necessary for your plan.

Key Signs That You Need to Start Estate Planning Now

Establishing an Irrevocable Living Trust – If you have assets that would be subject to estate taxes, consider creating an irrevocable living trust. This allows you to transfer control of those assets while you are alive but still keep them out of probate court, thereby saving taxes on your death.

Choosing Your Personal Representative (Executor) – A personal representative is the person who will carry out your wishes and execute your estate plan upon your death. This person will be responsible for handling your finances and health care decisions, so choose someone you trust with proven responsibility.