If you’re thinking about starting your estate planning, you may have a lot of questions. It’s important to take care during the estate planning process so that you have a plan that meets your needs and is error-free.
Take a look at the following estate planning tips. These tips will help you get started with your estate planning. If you have additional questions or if you’d like to start your planning, meet with an estate planning attorney.
- Don’t put off your planning. Many people assume that there will always be time to plan at another point in life. If you don’t take the time to plan today, you may never get the chance to do so! A plan can help you both during your lifetime and after your death. Do yourself and your family a favor and plan now.
- Hire an estate planning attorney. Don’t attempt to do your own planning or use online software. While this may be legally possible, it’s very easy to make serious errors. These errors may have negative consequences to you, your estate, and your family. A professional estate planning attorney will be able to create a plan that is effective and error-free.
- Create a will. If you’re only making small steps in creating your estate plan, start with a will. A will allows you to do a number of things. You can appoint an personal representative who will help to manage your assets and handle your estate affairs, decide how your assets will be distributed, and appoint a guardian who will care for your minor children. These are all important issues that you need to address.
- Include medical planning. You never know when a medical emergency may occur. It’s important to include medical planning in your plan so that you’re prepared for illness and incapacity. Your attorney can help you draft a living will which outlines your medical wishes about certain medical treatments and procedures. You will also want to consider creating a HIPAA release and and a healthcare power of attorney to appointing an individual who will be responsible for helping you make medical decisions if you’re ever unable to.
If you have any questions about the above tips or if you’d like to start your planning, consult with a qualified estate planning attorney.
Latest posts by Raymond German, Estate Planning Attorney (see all)
- How Can I Keep the Details of My Estate Plan Private? - July 2, 2020
- Do I Need a Domestic Asset Protection Trust? - June 25, 2020
- Do I Need a QTIP or a QDOT? - June 23, 2020
