As you prepare to move forward with estate planning, you are likely wondering what the first basic steps are. Are there things that you can do before you meet with a lawyer so that you are as prepared as possible? Absolutely. It is important that you gather as much information as you can as estate planning can be a highly detailed process.
- Know what your family needs. The purpose of estate planning is so you know your property and assets are getting to where they need to go. Estate planning is an opportune time to re-visit what your individual family members need and what the needs are of your family as a whole. You will want to make sure you have a guardian for any minor children, ensure you document how you would like your children to be raised, and talk with your lawyer about what your life insurance needs would be.
- Inventory everything. This can seem like a tedious process–that’s because it is. When you are working on your estate plan you want to know that you have not left anything out. You want to account for things like your stocks and bonds, collections, personal possessions, land that you own, cars or other motor vehicles you have, and your bank accounts. Your lawyer will go over an exhaustive list to make sure nothing is left out.
- Make a list of beneficiaries. Look into your life insurance and retirement plans. There are certain times when beneficiaries on these documents can outweigh who you have on your will, so make sure they line up. You want to know that the right people are getting the items and intangible things you want them to have. Make sure you have things written out precisely as you want them to be.
- Make your directives. Another form of estate planning is a directive. This could be a medical care directive or a durable financial power of attorney. You want to make sure you have someone in place you can trust if you are incapacitated and unable to make decisions regarding your health or your finances.
- Understand that things may change. When you are preparing to create your estate plan, consider that things may change in the future. Your kids may grow up, you may re-marry, and you may inherit new land. Whatever the situation is, it is important to remain flexible and understand that things may change in an instant. Be prepared to meet with your lawyer again to discuss any changes and re-work parts of your estate plan.
Creating an estate plan can be difficult, especially without the help of a lawyer. Your lawyer can ensure you are not forgetting even the smallest of details and can help to protect you, your assets, and your family when you create an estate plan. For more information on what steps to take next, reach out to our office for help. Our team is ready to get you started on protecting your future.
Legal Advice is Available
Get started on making your estate planning early. It is never too early to make a plan and start thinking about how to protect your estate. You will not regret doing so and with the help of a skilled estate planning lawyer, you can get through the process more efficiently. They can answer all of your questions regarding estate planning laws and procedures. Obtain more information by reaching out to a skilled Bloomington estate planning lawyer as soon as possible.