5 Basic Steps For Family Estate Planning
Estate planning is often overlooked by the average American.
While it may seem complicated, estate planning is here for you to make sure your assets and wishes are well-taken care of, as well as reducing the taxes your loved ones would pay making the process easier for everyone involved.
Here are some basic steps to help you get started:
1. Designate a Trusted Power of Attorney
This designated person would be making legal decisions for you in the event you are not physically able to. It is crucial to be very descriptive about assets, anything from account passwords to storage locations.
Without this step, the courts or a someone designated by the courts will be making your legal decisions for you.
2. Plan Your Advance Directive
This document establishes your wishes when it comes to what type of medical care you want whenever you are incapacitated or unable to speak for yourself.
3. Compile All Valuable Information
Aside from important contacts like doctors, lawyers, and financial advisors, you should also keep a list of your physical and digital assets as well as safe deposit boxes and rental storage.
This helps your family make sure all your assets are accounted for in challenging times.
4. Write a Will (Maybe Open a Trust, Too)
An estate attorney can meet with you to provide the best options for you and create the agreed upon documents.
Again, be very descriptive in your wishes so there is no confusion later.
5. Inform Your Grown Children about Your Plans
Be honest and open with your children; they can only assume that you have taken initiative with your assets.
Teach them and inspire them to take the same responsibility for their assets, too.
An Important Note:
Estate planning is not just about injury or death, it ensures that you and your wishes are properly accounted for. It is an extra level of comfort for you so you can enjoy life to its full potential!
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Interested in Working With Us?
If you need help with estate planning or any other legal concerns, we are here for you. Don't hesitate to contact our firm directly for assistance. Our dedicated team is ready to provide support and guidance to you and your loved ones during important life transitions.
Whether you're ready to schedule a strategy session to discuss your specific needs or if you're interested in exploring our wide range of complimentary guides and additional resources, we encourage you to get in touch with us.
With licensed attorneys and offices located in both Illinois and Missouri, we are well-equipped to serve clients in these regions. Reach out to us today and let us leverage our expertise and care to guide you through the legal process.
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