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Anyone who owns personal property should have a comprehensive estate plan, regardless of their financial situation or family dynamics. Drafting essential documents may seem overwhelming, but a knowledgeable estate planning attorney can do most of the work for you. All you have to do is commit to taking that first step. If you’re not sure how to get started, read on for a few tips.

3 Estate Planning Tips From a Seasoned Attorney

1. Take an Inventory of Everything

Before drafting a will, you must know what kinds of assets and liabilities comprise the estate. Taking an inventory of everything will provide a clear picture of your net worth and ultimately help you determine which assets to bequeath to loved ones. Complete this step prior to meeting with an estate planning attorney to make the most of the initial consultation.

2. Consider Possible Executorsattorney

The executor is responsible for guiding the estate through the probate proceedings. It can be someone you know personally, a corporate trustee, or a lawyer. People often name their spouse, sibling, or child as the executor. If you would like to take this route, confirm with the individual that it is a role they are willing to take on and will be able to handle.    

3. Explore the Various Arrangements

A will is not the only legally binding way to bequeath assets. In fact, for a lot of families, creating trusts is the most efficient way to transfer assets. Fortunately, exploring all possible options is one step you do not have to do alone. An estate planning lawyer will be happy to explain the various documents and financial arrangements so you can devise the most comprehensive estate plan possible.

 

Whether you want to create a trust or update a will, you can rely on John A. Rorem. A skilled estate planning attorney, he also practices family law, business law, and personal injury law. You can learn more about the comprehensive legal services he is proud to provide clients in Gig Harbor, WA, by visiting his website. To schedule an initial consultation and discuss your estate plan, call (253) 858-5358.

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