Smart Estate Planning

Most experts recommend beginning the process of estate planning as soon as you begin thinking about it. There is no required age to begin, and having a plan can make you feel more confident with your assets, and your loved ones feel more comfortable in the event of a lost job or a family tragedy. However, estate planning can be overwhelming at first, leading to mistakes that can create difficulties later on. For smart estate planning, check out these tips: 

Consult an expert. If you are beginning the process of estate planning feeling clueless or lost, don’t put it off or rely on Google – consult an expert. They will get to know your circumstances and will have a better idea of what to expect based on your family and assets – if you are married, how old your children are and their personalities, etc. Ask close friends or family members for recommendations and be sure to read online reviews to avoid issues later on.

Don’t skip the details. In a long, confusing process, it always seems easier to agree to whatever your lawyer suggests and never think about it again. Just like an important job task, being familiar with the details will set your plan up for success. For example, setting up a revocable living trust won’t be helpful if you don’t understand what it means, or that it needs to be funded by transferring the titles of your assets. Make sure you know what you are signing!

Help avoid conflict. The last thing anyone wants to go through after death is conflict with family members. Consider what items you own might be important to certain family members and discuss it with them, helping solve a problem before it even arises. Be sure to mention your list of bequests in your will.