Top Tips For Estate Planning

Posted on: October 25th, 2024 by webolutions

No one wants to dwell on their ultimate departure from this world. They would much prefer to think about their upcoming trip overseas, or biking or ski trip. Cheering on your favorite college team or kids’ sports team is much more fun. Everyone has estate planning to do, even if you don’t fall into the high-net-worth category. It helps to view estate planning as part of your overall financial plan that can include education and retirement planning. Here are things to decide before you prepare an estate plan.

1. Take some time to reflect on what financial and personal assets you have now you have now, and who you would like to leave them to if you no longer need them.
2. Think about your family and friends and identify two or three people who know you best, and who you would trust to carry out your wishes if you were no longer available to make financial decisions or decisions about your medical care and treatment. Talk to those people about whether they would be comfortable making those decisions, and about what your wishes are.
3. Identify two or three charities or non-profits that you would like to leave your assets to if you and your family were wiped out al at once and no one you cared for was left to inherit your estate.
4. Don’t leave your estate planning to AI or ChatGPT. Hire an estate planning attorney to advise you on the law and to prepare documents that will properly direct your decision makers to carry out your wishes.

If you can complete these four tasks, you have done everything needed to sign some documents and get on with the things that bring you joy, with the peace of mind that you have planned for the future.