It's not as difficult as you may think
 Many
people put off making an estate plan because they think it’s
going to be too difficult and time-consuming. Well, it will
take a little time and effort, but it’s really not all
that bad. And when you consider the end result, it’s
well worth it.
The hardest part is getting started. Once you do begin, the
first thing you have to do is prepare an inventory of your
assets and liabilities. This will give you an idea of your
net worth. Plus you have to gather all the important papers
and documents that could be relevant.
Your next step is to think about your goals and objectives
in creating your estate plan:
- Who are your beneficiaries?
- How will you divide your assets among them?
- How will the assets be distributed, i.e.
in a lump sum, either right away or at a later date or through
payments from a trust?
- How will you deal with significant assets,
such as a family business or second residence?
These are just a few of the kinds of issues you’ll
have to consider. And before you make very many decisions,
it makes sense to gather
the family for a group discussion.
So now you know where you stand. You know your net worth
and you know what you want to do with it. Your next step is
to create a plan of action to achieve your objectives and
this is where it can make sense to get professional advice.
A proper Will and a Power of Attorney and a Living Will are
always recommended, regardless of the size or complexity of
your estate. A Living Will, although not part of your formal
Will, incorporates written instructions that become effective
when you are no longer able to express your own wishes and
must depend on others to do so for you. An insurance policy
can also be used in several ways as an effective estate-planning
tool.
Important information about our financial planning services can be found at the bottom of our
homepage.
|
