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3 things to consider when making an estate plan

On Behalf of | Sep 12, 2019 | Estate Planning |

Your estate plan can help your family members handle your final affairs while they are still healing from their grief over losing you. Drafting your estate plan now insures it is in place before anything happens to prevent you from carrying out your intentions. You can start with a basic estate plan and work from there.

We realize that this can be difficult to contemplate. However, you can find peace of mind when you know that your affairs are in order. Below are some suggestions for drafting your estate plan.

First, you need an inventory of your assets. This includes anything that without a “payable on death” designation or accounts held in joint tenancy. You won’t need to include your bank, investment or retirement accounts or your life insurance policy. If you own your home with a spouse or another person, the home will likely go to them when you pass away so it doesn’t have to be included.

Second, you must decide who gets which assets and how they will be transferred. Many people prefer to use trusts since they keep the specifics of the transfer out of the public eye. Because there are many types of trusts, we can discuss your intentions and help you determine the best course of action.

Third, you should make end-of-life plans that detail your wishes for medical care. You can name an agent to make medical decisions for you. You can also choose someone to handle your financial affairs when you are unable to do so yourself. We will work with you to achieve the desired results.