Take Stock of All Your Assets Before It’s Too Late.
You don’t need to be wealthy to benefit from estate planning. Your estate can be any size and includes everything you own. Taking the first steps to protect your investments will ensure you know what happens to them.
Step 1: Inventory your assets. The chances are that once you start looking around, you’ll be amazed by all the tangible and intangible items you own. Once you’ve established what’s tangible and intangible, you’ll want to estimate their value.
Step 2: Find the right advisors and professionals. Depending on your situation and your estate’s complexity, you will need to figure out which professional advisors offer the best expertise for your needs.
Step 3: Account for the needs of your family. Once you’ve determined what’s in your estate, start thinking about ways to protect those assets and your family after you’re gone.
Step 4: Consider a life insurance policy. If you have minor children or you’re a homeowner, you should consider having life insurance policies. It’s also a good idea to get life insurance if you believe your estate will need to pay a lot of taxes or pay off debt.
Step 5: Think about a living trust when estate planning. One of the main benefits of a living trust is that its contents do not have to go through probate but instead go directly to the beneficiaries.
Deciding What You Want to Do With Those Assets
Establish powers of attorney. This step is helpful in the event you are unable to manage your assets or make ongoing decisions. With the Power of Attorney, you can pre-arrange and plan. Be sure to set up a POA responsible for your healthcare, as well as one for handling your finances.
To get the best estate planning help in Colorado, call our offices for more information.