Steps To Get Estate Planning Done

Jan 31, 2018 by


We often link estate planning with old age and death. There is also another misconception stating that estate planning needs to be taken up only by people having a reasonably big bank balance and ample amount of property. But the reality is completely different as estate planning needs to be taken up by any and everybody who wishes to pass on his accumulated wealth through the desired line of inheritance without causing the future generations any legal trouble. So, start today as each day lost can prove to be extremely expensive in the future. You can follow the steps mentioned below for accomplishing the estate planning task.

  • First, you need to set a deadline of starting with estate planning as life is highly unpredictable.

  • Secondly, educate yourself about the estate planning basics. General information is available readily in online stores which can be of considerable help in enlightening your mind.

  • Thirdly, you need to organize your financial information. For this you might be required to prepare a list of all your assets along with their present market values and debt if any against them. Take stock of the original copies of deeds so that your attorney can help you readily if required. You can include real estate, bank accounts, bonds, stocks, mutual funds, life insurance policies, antiques, jewellery, artwork, etc. under the assets section for being set off with the liabilities constituting of unsecured lines of credit, personal loans and credit cards. Remember that your attorney shall not be able to help you out if you do not completely disclose all relevant information.

  • Next, you need to prepare a list of the people or organization to which you want to pass on your wealth. Make sure to include their full names, current address, date of birth, and relation for making the legal process hassle-free.

  • Once the list is set, you can decide upon when and how you want to pass on the inheritance to such people or organizations. Whereas some distribute full inheritance right away, others prefer to do the same in installments. Some even take resort to trust for protecting their wealth from divorce, creditors, and irresponsible spending.

  • While choosing the trustee or executor, make sure that you opt for someone you can actually rely on for honouring your wishes and respecting your judgement. You can consider professionals such as Dallas, TX Estate Planning Lawyer Chris Parvin if you are not confident about the intention of your family and friends.

  • With old age, it becomes cumbersome to take health care decisions by yourself. You can thus specify a certain medical facility in your estate plan with specific instructions to care for you during the golden years of life.

  • Before visiting the attorney, jot down all the possible questions and doubts in one place so that you don’t have to run for the legal expert time and again. The estate planning attorneys shall counsel you and can even suggest changes in your will plan for your holistic betterment.

Powered by technical expertise, a veteran estate planning attorney is the best person to handle all your estate planning issues. It is imperative to understand that laws of estate planning vary from state to state. Thus, a do-it-yourself program might not be sufficient to cater to your legal requirements.


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