Estate planning might be something you’re putting off. You’re not the only one – many people avoid estate planning because they’d rather not think of their own passing. But estate planning is important for protecting the loved ones you leave behind.
When your family is mourning, emotions run high. Estate planning takes the burden off of your family to reduce their stress during the mourning period.
But how does estate planning work? Here are five proactive steps you can take to avoid putting an undue burden on your family after your death.
1. Hire an Estate Attorney
If you want to ensure that your plans get executed just how you want them to be, hiring an estate attorney is a must. Be sure to choose a knowledgeable and compassionate attorney to help you with your estate planning process.
2. Evaluate Your Assets
The next step in the process is to take stock of your assets, making sure you have a clear picture of their value.
3. Find the Best Ways to Distribute Your Assets
Wills and trusts are the best ways to make sure your assets get distributed exactly as you want them to.
A will is a legal document that saves your loved ones from having to settle your affairs in the event of your death.
A trust is another important document that elects how and when your assets will be distributed and to whom.
4. Assign Powers of Attorney
Powers of Attorney allows you to choose a person or an organization to manage all of your affairs in the event that you’re not able to. You’ll need financial and medical Powers of Attorney.
5. Inform All Parties of Your Estate Plan
You’ll want to let your loved ones know about your wills and trusts and make sure they know where the paperwork resides.
While these steps might seem a bit overwhelming, your estate attorney will help you make arrangements just as you’d like them to be. You can then relax in the knowledge that you are protecting family after death.