The first steps to estate planning are sometimes the hardest. For one, it’s hard to think or talk about what will happen when you pass away. That’s understandably tough for you and your family to process. Furthermore, the estate planning process can be extensive, especially if your family and/or financial situation has several layers to it. Though it’s a process that you should go into without hesitation, its daunting nature makes you hesitant from time to time.
With assistance from an experienced and qualified estate planning attorney, however, taking those first steps to estate planning will be seamless. Here are some key considerations when you begin planning.
Once You’re Legal, It’s the Right Time to Start
Many people wait until they’re older to start writing wills and make definitive succession plans. But, in truth, once you’ve reached legal age, you should be starting those discussions already.
Life is unpredictable, and you never know what it brings. You could be here today, gone tomorrow, no matter how old you are. And, the last thing you want to have in this life is lingering regret. If you have assets to your name and you’re a legal adult, it’s time to take the first steps to estate planning.
Start Your Planning Early
Ensure you’re taking stock of the assets you’ve acquired from the moment you’ve secured them. Owning viable assets is the first and most important step of estate planning. By assessing your assets, you’ll have a better scope of what you have and who in your family benefits most from inheriting those assets.
What Should You Include in Your Estate Plan?
Several things must be included in your estate plan so it has viability and stands the best chance of ensuring your assets are placed in the right hands. These things include:
- Retirement Accounts
- Insurance Policies
- Real Estate
- Business Interests
You should also consider your valuable items, whether they are financially valuable or mean a lot to you emotionally.