Estate planning is the legal process that determines who gets your assets when you pass away. It can be as simple or complex as it needs to be. Your estate includes property, vehicles, possessions, investments, anything you own. Nearly everyone benefits from estate planning.
Covering both financial and emotional considerations, estate planning ensures your assets, privacy, and end of life wishes are respected. The end result is your loved ones avoid infighting and save money. It makes experiencing their loss easier for them and helps avoid probate court.
Probate is the legal process that happens when someone dies. It handles the validation and administration of your will. Probate is expensive, public, and time consuming. There aren’t any benefits to having your estate distributed via probate. Avoiding probate is the better way to go.
There’s more to estate planning than drafting your will, although that’s a great start. For some smaller estates, a will may be all you need. Larger, more complex estates will likely need to look into revocable living trust. Determining your durable power of attorney, living will, healthcare proxies, and advance health care directives are also excellent ways to protect you and your estate.
It’s never too early to go through the estate planning process. It becomes more crucial when you have a spouse or children. Planning your estate isn’t a one-and-done activity. Any time you go through a major life event such as marriage, divorce, children, or step-children, you want to review your estate plan for updates.
No! Estate planning is beneficial for estates of all sizes. Assets include anything you own from your vehicle and possessions to your home. Even the most modest estates will burden loved ones if not properly planned. Plus, part of estate planning includes directions for when you’re alive but unable to make medical decisions.
| Check | Take an inventory of your assets. Include everything. |
| Check | Decide how you’d like each asset distributed upon your death. |
| Check | Work with an attorney (us!) to write your will. |
| Check | Decide who will make decisions on your behalf if you’re alive but incapacitated. |
| Check | We produce your durable power of attorney document. |
| Check | If you need a trust, we create one. |
| Check | We create your advanced healthcare directives. |
| Check | Set an annual reminder to check back in and update your documents, if applicable. |
| Check | Relax, knowing you’ve taken care of your loved ones, even when you’re gone. |
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