What are 7 critical tips for estate planning?
Even though you may think estate planning is all about making sure your loved ones are taken care of in the event of your death, it's actually much more than that. The truth is, estate planning involves a lot of important decisions and preparations before you even get to that point.
If you're thinking about getting started on your own estate plan, here are seven things you can do to prepare:
1. Document your wishes: Without a will or living trust, the court will decide how to distribute your assets when you die. Make sure you have these documents in place so that your wishes are respected if something unexpected happens to you.
2. Talk to an attorney: This is really important because there are several different kinds of documents relating to estate planning, and each one serves its own purpose. In addition, estate planning laws may vary from state-to-state, so be sure to go to someone who knows what they're doing!
3. Make a list: You should start keeping a list of all of your assets—money in savings accounts, retirement plans and life insurance policies are just a few examples—so that you can make sure everything gets transferred properly once the time comes. Be sure to include values for each asset as well!
So you're getting married, and you're thinking about starting a life together. That's great! There's one thing, though, that we all need to think about before we start our new lives with our loved ones: our estate planning.
One of the most important parts of estate planning is having your estate in order before your loved ones have to go through the process of dealing with your will. If they have to go through the process of probate after you've gone, it means that they'll have to jump through hoops with your will in order to prove their identity, get a hold of your assets, and distribute them as you intended. This can cost them time and money.
If you need an Estate Planning Attorney, please call this law firm for a free consultation.
Parklin Law
5772 West 8030 South, Unit N206,
West Jordan, UT 84081
(801) 618-0699
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