Estate planning is one of the most important things to undertake when making your financial plans. After a life spent working and earning various materialistic and intellectual assets, you come to understand that one day you won’t be here and will have to leave things behind for future generations. A lot of people review their retirement plans and try to ensure that they will live out the best parts of their lives in retirement. However, it is very important to have a well-planned estate plan in place so that your assets are secured for generations to come.
There are a lot of steps to take care of, such as making a will, setting up a trust, making health care directives, and making a financial power of attorney.
Inventory of Assets
You will need to get a full and thorough understanding of all your assets and liabilities. You need to account for every type of direct and indirect assets that you own. Moreover, you need to make sure that your debts and taxes are accounted for.
Powers of Attorney
A principal, grantor, or owner of an asset can appoint an ‘agent’ to represent them in case they become incapacitated, mentally incapable, or pass away, to implement the estate planning process. This person will be responsible for carrying out the wishes of the grantor.
Hire Estate Attorney
An estate attorney or estate lawyer is somebody who has passed his bar certification and specializes in estate planning, and helps in drafting wills, trusts, and other legal documents.
It’s important that you have collected all the relevant information from your accountant, tax attorney, and financial advisor before you start assessing your asset inventory, filling out a power of attorney, and hiring an estate lawyer.