We can all agree that the last fourteen months have been some of the most challenging that we have ever had to face.
The pandemic has taught us some lessons and uncovered elements of our lives which we previously overlooked or paid no attention to. This includes any estate planning and ensuring your affairs are in order. This piece details what you need to know about estate planning.
What is Estate Planning?
As defined by Investopedia, estate planning is ‘the preparation of tasks that serve to manage an individual’s assets in the event of their incapacitation or death.’ Several tasks fall under this term, including the following:
- Create a Will
- Set Up Trust Funds
- Name Beneficiaries
- Organize Funeral Arrangements
- Settle Any Estate Taxes
Some people opt to organize their estates themselves. Avoid this to minimize any issues from occurring. Assess your own needs and assets to establish what must be done.
Your situation will be different from others. Do not compare what someone else has done against your circumstances.
Avoid any financial implications and stress in the future. Organize your estate sooner rather than later. A record number of people created or updated their estate plans and wills due to the pandemic. Rushed estate plans, either using improper resources or without professional assistance, lead to various issues.
Create detailed plans to make the process run smoothly and to minimize the risk of any details being overlooked or missed.
How to Plan Your Estate Correctly
Protect your assets and legacy long before you are gone, and ensure the process is done the right way. Do not risk anything egregious happening to your assets or beneficiaries when you are gone.
Use the services of an estate law firm like Butler Rainen to organize your estate plan. Avoid DIY estate planning, even when it is tempting.
Estate law firms ensure your plans are met and completed; there will be minimal pressure on your family to organize your estate following your passing.
List everything of value in your life that requires sorting. Establish what members of your family you wish to receive certain items. Determine whether you want to donate any of your inheritance to charities and other organizations.
Make a conscious effort to discuss your plans with your family members. Ensure they know what you want when you cannot make decisions for yourself.
It might appear easier, but ensure you organize your estate planning as soon as possible. Minimize the pressure on your loved ones during such an emotional time. Leave them with the peace of mind that they do not have to take control of everything when you are no longer able to.