Discussing estate planning can make people uncomfortable because it requires them to think about end of life arrangements. But if you pass away without making these plans, sorting out the details of an estate can be very complicated for those you leave behind. Without planning, the process may not go the way you would have wanted. Some estate planning documents also help situations while you are alive. Here are a few tips for planning your estate.
Tips to Help You Plan Your Estate
1. Know Your Worth
Take a detailed inventory of your assets and liabilities, so you know the total net worth of the estate. Don’t forget to consider life insurance policies, stakes in family businesses, and other holdings that will need to be distributed among your heirs.
2. Enlist the Help of an Attorney
Get assistance from a legal professional with experience in estate planning. A lawyer will help you draw up your will and estate plan documents.
3. Determine Your Beneficiaries
Writing a will and establishing trusts for children ensures that your assets will be distributed according to your wishes. Dividing assets can be particularly complicated in a blended family, so consult an attorney for advice on the best way to go about it.
4. Choose Decision Makers
While planning your estate, designate who will have medical and financial power of attorney for you if the circumstances call for it. To make sure your will is carried out according to your wishes, select a trusted family member, friend, or attorney to be the executor.
5. Make Updates as Needed
Estate planning should be revisited whenever there are major changes in your life or the lives of your heirs. Due to death, divorce, or medical issues, you may need to name different people as your decision makers or make adjustments in how assets are to be distributed.
Pepping, Balk, Kincaid & Olson Ltd. is a Quad Cities/Silvis, IL, law firm that provides a wide range of legal services. Whether you need help with estate planning or are looking for an experienced real estate lawyer or litigation attorney, their team has the knowledge and skills to assist you. Call (309) 755-5096 today to schedule a consultation or visit their website to learn more about the firm’s services. We serve both Iowa and Illinois clients.