What is Estate Planning? Estate Planning Basics

A Saint George estate planner can help you determine who will manage the bulk of your assets when you pass away. In some instances, if you’re incapacitated and unable to make certain financial decisions, the person you wish to have power of attorney will act in your best interests. Despite what you might think, estate planning can be important, whether you have sizable assets or very little. So, what are the basics in creating an estate plan? learn more about estate planner visit at https://www.realestate-owatonna.com/making-a-will-are-lawyers-optional/

Know your Assets and Who You Wish to Leave them To

If you have a wife, husband, or children (and are close to them), they are likely to be the ones you leave your assets to. Assets can be shared equally, or certain parties can receive a higher portion of the estate. For instance, a spouse may receive 60% of the total value of estate assets, whereas the two adult children both receive 20% each of the assets. However, this can vary, depending on what you specifically request. A Saint George estate planning attorney may help you determine these things.

However, it’s essential to list all your assets, from your vehicle to personal possessions and items, even collectibles in your home. As silly as it sounds, it’s important to do. Then, you must consider any life insurance policies. Usually, you name a beneficiary on the policy, but if not, now is the time to do so in the will. If you’re unsure of what to class as an asset, you could consult a Saint George estate planner. Click here to learn more about estate planner

What is Estate Planning? Estate Planning Basics

Determine a Suitable Estate Plan and Guardians

Unless you have minor children or pets at home, it’s unlikely you’ll need a guardian. However, guardians can be necessary for a loved one who is unable to care for themselves. It’s important to think about a suitable guardian that’s also in the best interest of your loved one. And you must consider what sort of estate plan you need. Again, your Saint George estate planning attorney could help with these things. You may also need to determine if you want a medical care directive and a power of attorney.

Consider What You Want to Leave your Beneficiaries

As said, life insurance policies, and other such things might already have a designated benefactor so that is one less thing to worry about. However, there are likely other things that you need to decide over. For instance, personal possessions can be shared amongst several individuals or be given solely one person. You should name each beneficiary and what each individual is to receive. This could be anything from a vehicle to a stamp collection. A Saint George estate planner can help you to determine your assets.

Create and Update your Plan When Necessary

Lastly, you must create your estate plan and update it as and when necessary. Now, it’s unlikely you’ll need to constantly change your plan unless there are major changes to your personal circumstances. Of course, you can alter the plan to disinherit one or more relatives or add provisions for new children or grandchildren. You can ask a Saint George estate planning attorney for additional help if required. And you should keep a copy of the plan at home in a safe place. You could even request your family attorney to maintain a copy or keep it in a safety deposit box.

Take Estate Planning Seriously

This is an important part of planning ahead for the future and when you’re no longer here. You don’t want to die intestate as it may bring a lengthy court proceeding between family members. That is why it can be a smart idea to have an estate plan in place. It’s easier to create than you think and can help make things easier when the time comes. A Saint George estate planner could help deal with the more complex issues surrounding bequeathing assets after your death.