Every grown-up needs an estate plan, even if it is a simple Will. Here are five easy steps to help you get started on your estate plan and protect your family and assets. To create a comprehensive plan, you will need to gather information and make some important decisions.
Make a list of your current assets and liabilities.
To start the estate planning process, you should have an understanding of your current financial situation. You can do this by listing all of your assets and liabilities to help your estate planning attorney determine your net worth and any potential tax liability. For more information about estate planning, you can also visit http://speedwelllaw.com/alexandria-estate-planning-attorney/.
Determine who will receive your assets.
First determine your beneficiaries and what you want to distribute to your beneficiaries. Then determine what happens to your estate if a beneficiary predeceases you or if a charity you choose no longer exists at the time of your death.
Choose someone to act on your behalf.
This is probably the most important step in the process. You need to carefully consider who will act in your best interests if you become disabled or who will act in your beneficiaries' best interests after you die. Your attorney will help you decide who to choose and explain the function and role of each fiduciary.
Find an Attorney
The final step is to choose a competent and experienced estate planning attorney who will walk you through each step of the process so you fully understand why and how you should take action to protect your family and assets.