While estate planning is important for anyone, the topic tends to come up more as families age. At the outset, it’s normal to have more questions than answers. This can go double for someone who is helping a loved one get their documents in order. While proper planning can take time, there are a few things you can do now to make sure you have a solid planning experience.
1. Be Open and Honest
Estate planning can be a sensitive topic for a lot of people. Planning will involve discussing sensitive information about property, finances, and family. While it may be hard, being honest about your wishes with everyone is the best way to ensure that they will be carried out. Have this discussion with trusted family members first. Be sure you know who you want to oversee your wishes when the time comes.
2. Review The Assets
A simple step, but an important one. Knowing what you are planning for is as important as the planning itself. Put together a list of the following:
- Real Estate
- Investments
- Bank Accounts
- Life Insurance Policies
- Vehicles
- Valuable Personal Property
This simple step, even without a proper estate plan, can save your loved one’s days and weeks of hunting during a difficult time.
3. Consider Original Planning
Depending on the age of the individual, there may already be a plan in place. Documents created today would supersede something older. However, if prior documents exist and have incorrect information that could be a problem. This information could be as simple as an incorrect address, or as complicated as a former spouse being a power of attorney.
4. Work With An Attorney
While it isn’t required to hire an attorney to plan your estate, it’s always better to use one. An attorney can answer questions about your estate plan that you didn’t know you had. They may also be able to provide you and your family with valuable guidance about planning that other services are not equipped for. This relationship can go from useful to vital once the plan goes into action. Having an attorney who knows exactly what planning was done can make all the difference when things get tough.
5. Consider All Your Options
When it comes to planning, there are a lot of ways to go about things. As you are setting up the plan there will be options that provide varying levels of protection for your assets, family and loved ones. Options such as Probate Avoidance, Debt Mitigation, and Contingent Beneficiaries should all be considered before deciding on the right plan for you.
Naturally, there’s far, far more to decide on as you are moving forward with your planning options. If you have any questions about planning, please reach out to us here at Middleton Law Offices. We can be reached at 419-352-7522, or at our website www.bgohiolaw.com.
