Estate planning is crucial to ensure your final wishes are carried out and your family is taken care of after you’re gone. When putting together your end of life documents, there are several steps you will need to follow. For more than three decades, David R. Webb, Attorney at Law, has guided the residents of Lincoln, NE, through the process of preparing a solid estate plan that will hold up in court. Below, he discusses what you can do to get started.

How to Begin the Estate Planning Process

1. Create an Inventory of Assets

First, take inventory of all your assets. It will give you a good place to start when figuring out how you want to distribute everything. It will also limit the chances of forgetting to include something important in the instructions you leave behind. Also be sure to check on non-probate transfer arrangements, such as, pay-on-death clauses.

2. Choose Your Beneficiaries

Next, you must designate your beneficiaries and decide which assets and finances are going to whom. This requires careful thought and consideration to ensure your possessions and money don’t end up in the wrong hands. Be clear about your wishes to prevent the court and your family from having to figure it out on their own.

3. Determine Which Documents to Include

There are several types of documents you can include in an estate plan, such as a will, living trust, and power of attorney. You must identify which ones are most suitable for your particular situation and will offer you the most protection. Guardianship of minor children, probate, and incapacity are a few factors to think about when making your decision.  

4. Hire a Lawyer

Hiring an experienced estate planning lawyer will help you avoid making critical mistakes that could cause problems when your assets are being distributed. Getting legal advice will put you in a better position to speed up probate and minimize estate taxes.

5. Select a Personal Representative (or Executor)

The personal representative (or executor) of your estate will be responsible for ensuring the instructions in your plan are carried out as you intended. They will also help manage your affairs, such as paying off your debts and notifying creditors of your passing. Think carefully about who this should be, as you’ll want to appoint someone you can trust.

The estate planning process can be complicated, so it’s best to work with an attorney to ensure all your documents are completed and filed correctly. David R. Webb, Attorney at Law, will help you develop a plan that reflects your desires and best interests. Call (402) 477-7577 to schedule a consultation today, or visit his website for more information on his practice areas and the legal services he provides.