A few things in life are certain – especially taxes and death. You might not know when the date will arrive, but you can be sure it will. Accepting this reality helps you better prepare your estate so that your business and personal assets end up where you want them to go. It’s never too early to plan for your death, so if you haven’t started, the best time is now.
Get Legal Help
The best way to start your estate planning is to work with a lawyer, such as those at a Little Rock law firm. Lawyers understand the steps required to make a will or an estate and how to ensure your plans are executed appropriately.
Your lawyer will help you write your will and determine who will execute it. They also ensure that your estate will stand up in court to prevent future problems.
When you work with a lawyer, you should get a power-of-attorney letter to choose the person who will make health care and financial decisions for you if you no longer can.
During your meeting, talk about an advanced health care directive to explain the health care services you do and do not want. This legal document will help your physician and loved ones provide the care you need and want.
Create A List Of Assets
Your list of assets should include items in your home and safety deposit boxes. Consider big-ticket items like televisions, jewelry, vehicles, art, and collectibles. After building the list of valuable items, decide who you want to have these items when you pass.
The following list should include financial assets like your bank accounts, insurance policies, and retirement accounts. Include the account numbers and companies that hold your policies and balances.
If you haven’t listed beneficiaries, do that immediately so your money goes to your loved ones. You can also help the process by adding a family member to your accounts during any estate planning matters in Marietta, so they can access the money in them after your death.
Build A List Of Debts
If you still have debts, your survivors will be responsible for them. Build the list with account numbers and contact information. Your list of debts should include your credit cards, even if you do not carry balances on them. Your survivors will want to close the accounts.
Write A Letter
Sharing your wishes can help your loved ones prepare for your funeral. Include the letter with your lists and will so your executor can help your family plan your final moments. The letter could be legally standing in some states, but it’s still best to have a legal estate plan with the help of a lawyer.
Unfortunately, too many people neglect to prepare for their deaths because they think the legal fees are too high. Estate planning can be more affordable than people expect. Often, the cost to prepare an estate is less than $1,000. Planning for your death makes your survivors’ experiences less stressful.
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