It usually involveswriting a will, setting up a power of attorney and detailing funeral arrangements.
Here are some of the key steps in getting started with estate planning.
Catalog your things
Your estate encompasses more than just your home.
If you own a business, that’s also part of your estate.
Everything you own needs to be assigned a valuation.
Your home and other valuables should be appraised.
Otherwise, you’ll need to estimate values as best you’re free to.
If you’re single or don’t have dependents, then you might not need it.
If you don’t name a guardian, the court will appoint one.
Give everyone a job
Dividing up someone’s belongings can be a difficult and emotional task.
This can be made easier by ensuring that all of your assets have been assigned a beneficiary.
List beneficiaries:In short, who gets what?
This can be your actual attorney or someone else.
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4.
Some questions to consider:
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Document your plans
Simply telling your loved ones your preferences won’t cut it.
You’ll want a legally bound document laying everything out in as much detail as possible.
That’s best done in a trust or will.
This includes appointing an executor, someone to manage how your will is executed.
(This is also called a medical care or health care directive.)
It’s better to start on estate planning sooner than later.
But it’s an ongoing process, and your documents will need to be updated throughout your life.
