Creating an estate plan can seem like a highly complicated process, whether you have a large estate or not — especially if you are divorced. For many people who are not familiar at all with how to manage an estate or prepare plans about how assets should be administered after one’s passing, the thought can be intimidating and stressful. Making an estate plan is recommended for anyone with assets that they would like to pass down to their loved ones or preserve for specific purposes. If you are trying to organize an estate plan that is detailed and reflects your goals and values, here are some tips that an estate planning lawyer like one from Kaplan Law Practice, LLC may recommend.
List your assets
Reviewing your entire list of assets is one of the initial steps that you should take if you are preparing an estate plan. You should have a clear idea of all of your assets, what type of assets they are and what you plan to do with them. If you are missing assets and forget to formally include them in your estate plan, your assets may be subject to probate, which means the court will have to distribute the assets for you after your passing. If you need assistance with the process of organizing and identifying all of your assets, you may want to speak to a lawyer about your estate planning needs.
Review estate planning tools
There are many estate planning tools that you can take advantage of. You can protect your assets in many ways, such as setting up a living trust, creating a last will, powers of attorney, and designating beneficiaries. There are several advantages and disadvantages that come with choosing various estate planning methods. For example, there are revocable and irrevocable living trusts. If you are confused about what strategies would fit your needs, a lawyer will be able to give detailed explanations.
It is highly recommended that you formally name beneficiaries that you plan to pass down your assets to after your death. When you have loved ones that you want to give part of your estate to, it is crucial to name each of them in your estate plan. If you do not name them, your assets may have to go through probate. The court may not distribute your assets to the individuals that you want if they are not listed in your legal documents.
Meet with an experienced lawyer
You can receive cost effective and high quality legal services from a lawyer that you can trust. It is important that you hire a lawyer who has been able to assist a variety of clients with their estate planning needs. They should be able to demonstrate a high level of legal knowledge so that they can work on the strategies that will be most effective at delivering the results for you. For more information, set up a consultation with a trusted lawyer now.