Estate planning is arranging your assets for distribution or disposal in anticipation of your death. When this is done correctly, your inheritors or trustees, as the case may be, would have little or no problem fulfilling your wishes when you are gone.
As we all know, death doesn’t happen according to age or a given factor. After a life well-lived, you must put your house in order before the inevitable event of your death. This is why it is essential to do your estate planning beforehand.
Not sure how you can get started? here is a step by step guide to estate planning
1. Compile a list of your assets
This is the first thing you need to do as your begin your end-of-life planning. You could use a pen and a paper, or you could have it written electronically, after which you can print more than one copy for you and your inheritors. When you are gone, it is easier for your inheritors to know precisely what they are dealing with. If you’d like some help on this, you can reach out to law firms known for the best Estate planning in Marietta.
2. Gather all important documents
After compiling that list, you need to gather all necessary documents relevant to that list: property deeds, business deeds, vehicle titles, insurance documents, etc. To make things easier, you could have these documents arranged and secured by you or a firm known for the best Estate planning in Marietta. This ensures that your inheritors have access to them when they need them most.
3. Write a will
A will is one of the most important things you need to write before going. It details how you want your assets to be shared and ensures your wishes are followed. Also, in your will, you can name an executor who would be in charge of distributing your assets to the appropriate parties. However, writing a choice is not an easy feat, and you would need professional help. You can look for a good firm known for individual estate planning in Marietta to get one.
4. Draft a living will
A living allows you to name someone who would be able to communicate your medical preferences to your doctor or caregiver when you are unable to do so.
5. Establish a living trust
Using the services of a firm known for the best trust administration in Marietta, GA, could make things easier for your inheritors. When you create a trust, your assets remain in your name until the event of your death. When this happens, your trustee gains access to these assets and can carry out your wishes concerning distribution without applying for probate. To help you create a valid trust, you can search the internet for firms known for the best trust administration in Marietta, GA.
6. Ensure your beneficiaries are up to date
This is also important when it comes to individual estate planning in Marietta. So before you meet with an attorney, you must ensure that the beneficiaries you want to have your assets after death are correct. Review all details and make your final arrangements.
Go over the essential information again before storing them away in a secure location. While doing this, ensure that the information contained in them is complete, up to date, and valid. Review your executors and trustees to ensure that this set of people or this person would fulfill your wishes when you are not around anymore.
Also, please make a copy of the essential documents and have them secured by your attorney or lawyer. When all this is set, you can put effort into having quality time with your loved ones.
Estate planning guarantees that your assets will be distributed according to your wishes when you are gone. However, it is pretty easy to succumb to procrastination and not put your affairs in order. To avoid this, reach out to your lawyer or attorney today to begin your estate planning process.