Connect with us

Legal

5 Stress-Free Tips for Completing Your Estate Plan

Avatar of Salman

Published

on

5 Stress-Free Tips for Completing Your Estate Plan

Dying without a legal will can be a messy business for those left behind. The better option is to plan well and leave your legacy intact. By initiating AND completing your estate plan sooner rather than later, you can avoid problems from happening. And you should do it sooner rather than later – you never know when the unexpected happens!

Estate planning is essential whether your legacy is complex or simple. Contacting an estate planning attorney should be your first step and everything else will fall into place. Keep reading for more tips on how to complete your estate plan so you leave behind a legacy for your loved ones without it becoming complicated.

5 Stress-Free Tips for Completing Your Estate Plan

1. Understand What is an Estate Plan

An estate plan records all your wishes and assets in the event of your death. It details who should inherit what and how your estate should be distributed. The estate plan names designated executors to handle your estate which minimises the risk of tension between family members because of uncertainty about what you wanted to happen.

In the eventuality of your death, estate planning ensures your loved ones are taken care of. An estate plan ensures your money, investments, policies and assets are distributed to designated benefactors. By understanding what an estate plan is and how important it is, you can begin the process of planning yours.

2. Find a Reputable Estate Planning Attorney

Anyone over the age of 18 can write a will and it’s vital for preventing complications arising between potential heirs. The best time to put an estate plan into place is as soon as you start earning an income and have loved ones reliant on your support. By using a professional estate planning attorney from the get-go, you ensure that your loved ones are protected financially.

Your estate planning attorney will take you through the steps so you understand your unique circumstances and then guide you through the process of setting up the will. An estate planning lawyer will help you make important decisions such as:

  • Considering aspects such as debts and assets that will be passed onto your loved ones
  • Assigning a power of attorney if necessary
  • Designating benefactors on retirement or investment funds and insurance policies

Your estate planning attorney ensures that your plan is intact and updated regularly so that it’s distributed according to your wishes without being a burden on survivors.

3. Start Making Lists

Your estate planning lawyer will ask you to make lists of important documents, bank accounts, investment funds, policies, assets and debts. You can start gathering this information before your first consultation to save time.

Start by itemising your inventory which can be updated yearly. This is a list of items such as the following:

  • Jewels
  • Collectibles
  • Vehicles
  • Property
  • Artwork and antiques
  • Furniture

Household items such as televisions, sound systems, computers, lawn equipment, power tools and appliances can be listed too. Include sentimental items such as family pictures and be sure to include a list of assets that you want to donate to your favourite charity.

4. Write a Will

A will is an essential part of your estate plan and your lawyer can help writing one so that it’s legal and binding. Your estate planning attorney can assist you here or direct you to someone who can facilitate the process.

Drafting a will ensures the right people inherit your legacy and having a list of assets as mentioned above makes it easier to ensure you include everything. You can update your will at any time should your circumstances change.

Wills are estate-planning documents that include things such as who will be guardians for minor children and what should happen to your pets should you die. Your will also defines if you want to leave your inheritance to a charity.

5. Inform Your Estate Planning Lawyer of Any Changes

If you’ve hired an estate planning lawyer to handle and administer your estate plan, it’s imperative to keep them informed of any changes. Circumstances do change over the years and neglecting to update your estate planning documents can complicate matters.

Revise your estate plan annually to ensure you leave behind an unambiguous will and a list of your current accounts, policies and documents. By regularly updating your will and documents, your executor can perform their duties according to your wishes.

Final Thoughts

Do you know that over 60% of the Australian population doesn’t have wills? To avoid being part of these statistics it’s best to start completing your estate plan now! Working with an experienced estate planning team ensures you get the best legal advice and support for your unique circumstances.

Planning your estate becomes stress-free as you’re guided through the process. Knowing that your estate will be administered according to your wishes gives you peace of mind, so you can enjoy the ‘now’ more.

SEE ALSO: Law Firm Chastised for Using OpenAI ChatGPT for Legal Research

Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

Continue Reading

CTN News App

CTN News App

Recent News

BUY FC 24 COINS

compras monedas fc 24

Volunteering at Soi Dog

Find a Job

Jooble jobs

Free ibomma Movies