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Tips for Estate Planning

Whether we like it or not, there comes a time when each of us must prepare a plan for our estate. Doing so could save your loved ones from extremely stressful situations that arise when arrangements have not been made. Follow a few simple steps and gain some peace of mind knowing your loved ones will be properly cared for and your estate will be dealt with as you wish.

1. Inventory Your Assets

Gather all of the relevant financial and legal information before going to an attorney to plan your estate. One easy way to do this is to make an exhaustive list of all of your assets, outstanding debts, insurance policies and bank accounts.

2. Visit Your Attorney

Be sure to carefully select an estate planning attorney using references. When you see your estate attorney, documents that you can plan to have prepared and signed include:

  • Will
  • Trust
  • Power of Attorney

3. Designate People You Trust

Designating a healthcare power of attorney Raliegh NC is crucial to ensuring you have someone you trust making medical decisions for you should you become mentally or physically incapacitated. A financial power of attorney designates someone you trust to make financial and property-related decisions in the event of your incapacitation. Consider designating a financial power of attorney in addition to a healthcare power of attorney.

4. Choose Your Beneficiaries

Select your beneficiaries to ensure your money and property are inherited by your loved ones or charities of your choice. Be sure to present your attorney with all pertinent information to ensure all of your funds pass to the beneficiaries selected by you.

After you’ve signed the appropriate documentation, your estate planning work is still not done. As your life progresses, you’ll need to revisit your estate plan occasionally to add or remove assets and beneficiaries.

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