What is Estate Planning?
A lot of people don't think about it, but estate planning goes beyond just drafting your will and arranging for a funeral. Estate planning refers to the steps you take to ensure that your property is distributed in the way you wish after you pass away. The most important part of this process is writing a will, but there are also other important things to consider:
-Consider how much time, energy and money you want to spend on medical care. How much would you be comfortable spending? Would you feel better if your children were able to make the decisions for end-of-life care, or would you rather do it yourself?
-Do you want to include any specific bequests or charitable donations? Be sure to keep track of these items so you can include them in your will.
-If all of your assets are held jointly, what is going to happen to them when one of the owners dies? If one partner dies intestate (without a will), it's possible that those assets could be divided up differently than they would have been had they been passed on through a will. This situation can create some difficult family dynamics, so it's best to address it beforehand.
Estate planning is written as a guide to help you plan your future and make your wishes known. There is no one way your estate should be planned, but there are some common features that can give you a better idea of how to start the conversation with your family. You'll want to make sure that you have a will, and also that your beneficiary designations on accounts like retirement savings and insurance policies are accurate. A will lets you direct who will receive what assets when you die, including real estate, personal property, and money in bank accounts. It can also name someone to serve as a legal guardian for any minor children or someone to make medical decisions if you are incapacitated. If you don't have a will, state law might determine who gets the assets that pass under your name when you die. You may still want to specify who gets certain items in the event of intestacy (that is, if there is no will). Beneficiary designations allow you to express who should receive certain assets in the event of death or incapacity, which could include life insurance policy proceeds or retirement plan funds. It's important to keep these up-to-date because if they aren't accurate, it could cause problems for beneficiaries or result in them not receiving what you intended them to receive.
If you need an estate plan lawyer, please call this law firm for a free consultation:
Parklin Law
5772 West 8030 South, Unit N206,
West Jordan, UT 84081
(801) 618-0699