An estate plan is something you create to ensure that your loved ones receive your assets when you die. While many people procrastinate with these plans, it is not wise to push this off. Instead, you might want to start now. Here are some tips to keep in mind as you start working on your estate plan.
Name a Beneficiary on Your Accounts
One good step to take is to name a beneficiary on your accounts if possible. For example, if you have a checking account in your name only, you can add a person's name to the account. If you add their name, they become a joint account holder on the account. If you die, they will instantly have access to the money in the account. You can also name a person as a beneficiary on many accounts. When you do this, the person will not have to go to court to receive the funds from the account. The bank must give them to this person. If you have questions about how this works, ask your estate planning attorney.
Make a List of All Your Assets
Another excellent step to take is to make a list of all your assets. You can begin by writing down your physical assets, such as your home and cars. After that, write down all the assets in your home that your loved ones would care about after you die. You can then move on to writing down your non-tangible assets, such as every account you have. The purpose is to make sure your loved ones know about everything you have.
Create a Will
An estate planning attorney can help you create the right documents for your estate, and the first one is a will. Everyone needs a will, as a will is the most standard tool used for settling an estate.
Use Other Estate Planning Tools
Your attorney can also help you use other estate planning tools that might benefit you, such as a trust. A trust makes it easier to transfer your things to your beneficiaries, and trusts come in many forms. There are other tools, too, and your attorney can help you decide which ones to use.
If you would like help with your estate plan, contact an estate planning attorney near you. These attorneys help people create the best plans for their needs. You can schedule an appointment by contacting a law firm today.
