The basics of estate planning

On Behalf of | Jun 16, 2022 | Estate Planning |

When planning for the future of your estate, you must get everything right to avoid leaving your loved ones in a tricky situation when you are gone. Having things in place will help prevent uncertainties or conflict over who gets what.

When making your estate plans, here are a handful of things that you ought to do before getting started:

Account for everything you own

Make an inventory of everything you own, tangible or intangible, and do not leave anything out. Once you list everything down, the next thing you need to do is value them. It will make it easier to distribute your estate to your heirs.

Name your beneficiaries

You need to have a compiled list of beneficiaries to avoid a situation where your estate ends up in the wrong hands. It will also provide you with a clear picture of people who have an interest in your estate.

Look out for the needs of your loved ones

It is advisable to tailor your estate plans according to the needs of your family or beneficiaries. For instance, if you have small children or a loved one with special needs, you might want to secure their interest using a trust instead of a will.

Assign your directives

Estate planning involves giving a third party authority to act on your behalf when you cannot make key decisions due to incapacitation. Ensure that the people you select for these crucial roles are up to the task and that you trust them to act in your best interests.

Consider getting professional assistance

If you have doubts about the legality of some of your estate planning tools, it may be worthwhile to seek qualified help. It will ensure that none of your estate plans are voided due to legal technicalities.

Lastly, remember to update your estate plans regularly. Any significant milestones or changes in your life like death, divorce or changes in the list of heirs should also reflect in your estate plans.