5 Tips to estate planning
Estate planning is very important as this allow for one to avoid the unnecessary drama which follows upon their demise. Taking time to carry out estate planning long before can prevent very many unfortunate outcome where the state has to come in and decide. In one state of health they should seek the right legal counselling from LegalZoom to be able to make the right estate planning. The biggest challenge that most people face is procrastination where most of them tend to postpone what they know what they need to do. These are valuable tips which you need to have at hand for estate planning.
- Take Inventory
You cannot begin estate planning without taking inventory of what you have. You need first to take a full inventory of the assets and liabilities that you have in your estate. This is the only way that you can get the full value of it. There are professional evaluators who can be able to take a full inventory and provide you with the exact figure. Apart from having an evaluator you will also need a financial planner who can help you with advice on the best way to plan for your estate.
- Make a will
The most obvious way that you can plan for your estate is to make a will. This is because a will explains what you need to do with your estate once you are gone. A will allows you to deter mine how your estate will be divided. The biggest challenge of dying without a will is that your family will be left in a legal matter which can be very unpleasant. A will is legally binding and respected by law and cannot be question if done in presence of professionals.
- Determine your beneficiary
The most important aspect of estate planning is choosing your beneficiary is these are the people who will benefit after your demise. In choosing the beneficiary it is important to determine how they will benefit. This means choosing what each person will get. In estate planning, it’s important to be very detailed that there is no area for confusion.
- Have medical power of attorney
This is the attorney who will be able to make decision for you when it has been determined that medically you cannot be able to make those decision on your own. One needs to choose this option when they are fully fit. This will avoid an area of conflict as question are always raised to what you may have intended.
- Seek Legal counsel
In estate planning, legal counsel is very crucial, this is because once the documents you draft and are signed then they become legal document which cannot be challenge in a court of law. There are so many areas for conflict and legal tussles when it comes estate planning. Getting the right legal counsel will make the process go smoothly as you will get advice on all the loopholes to avoid. The legal counsel is also the one who will draw up your will and all the other legal documents.