Many people fail to start estate planning because they find the prospect overwhelming. Dying without one in place could be problematic for those you leave behind, so you need to make a start as soon as possible.
The following steps can help you get underway:
1. List what you have
You may find you have many more assets than you realize. Making a list of everything you own, from bank accounts to furniture, is a wise first step. You can then note down an approximate value of each item alongside it. When it comes to financial accounts, you might not know how much is in a particular place because you forgot how to access it. Including it in the list is a good reminder to find out how to access it once more, as it will be much easier for you to do this than for your family or executor to do so after you have died.
2. Consider who you wish to leave particular assets
Only once you have the total list of things can you think about what the best distribution of assets would look like. While you could just leave it all to split equally between your children, it’s often better to allocate certain items to certain people. There may also be things that none of them want. Talking to your loved ones and finding out their preferences can allow you to make alternative arrangements – perhaps giving an antique crockery set to the local museum, for example.
3. Learn more about how you can achieve your goals
There are many different ways to make an estate plan, with a host of legal mechanisms such as to help you do so. By taking experienced legal guidance, you can better select the most appropriate ones to suit your needs and those of your family.
It’s also crucial to remember that a comprehensive estate plan should consider you, as well. You can use it to make decisions about health care, funerals and more. Once again, it is wise to seek help to learn more.
