A Few Tips to Consider About Estate Planning and Your Finances

Estate planning is often thought of as something only for the rich and the famous, and that is simply not the case. Whether you have four properties to your name, or you and your spouse are simple living people; estate planning is something that should be done by all adults with any form of assets or property, big or small. Whatever the worth of your estate may be, protecting your money and where it goes after you and your spouse die is very important. First off, it is important to realize that your estate plan includes several different factors that need to be addressed, and these can be done so with the help of a qualified probate attorney who is trained particular in this area of law. During an estate plan you will want to draft a will, assign a power of attorney and a medical power of attorney. Depending on your situation you may also determine with your probate attorney that establishing a trust is beneficial as well, for example leaving a trust fund for your children.

When estate planning it is important to realize in knowing where your money is going when you die, as well as who will be taking care of implementing these requests. How then, do you start this process? After contacting your attorney, you will need to take a thorough run through of everything that you have, and this includes all of your personal possessions and properties as well as anything that might be business or real estate related as well. During this inventory process, there are a few simple questions you will want to think over. First off, you must ask yourself (and your spouse if you have one), who do you want inheriting what? You will literally want your kids to receive a large portion of what is to your name, or perhaps you are even considering setting aside money for your grandkids college funds. In other cases you may want to leave certain assets to other family members, close friends, your church or another organization, etc.

The next question you will want to consider is who do you want to be in control of handling the financial matters of your estate after you die? Once you and your spouse have passed on, you need to be completely confident in the person you choose to play this vital role in your estate planning process. Lastly, because money matters will be different that medical concerns, you will need to consider who will make medical decisions for you should you ever be unable to do so yourself? For example, say you are in a terrible car accident and remain on life support. You will want a trusted person determining whether the doctors should keep trying or let you go.

Another simple, and yet very useful tip, to consider is to talk with your heirs about their inheritance before you die. It is not unheard of that families can get stuck in great conflict over matters of inheritance, so if you sit down with every child, cousin, etc. with specific reasons for what you are doing on your will, there will be much less of a chance that the family will be in an uproar when you pass on. Establishing an estate plan is a wise decision for people of all ages and stages of life, because it allows you the freedom to plan for the future. For example, you may not have kids today but if you feel strongly about a cause, you may decide you want your money to be charitably donated after you die, and estate planning will see to it that your wish to do so is accomplished.

For more information about estate planning, contact a probate lawyer in your area today!