Indeed, August is not the ideal time to begin resolutions. After all, most people are set in their ways when the last month of the summer comes along. This is probably why “New Year’s resolutions” are so popular. But like promises to eat better, lose weight or stave off other bad habits, it is never too early to start an estate plan. The problem most people have is simply getting started.
Many may believe that creating an estate plan is too complicated and expensive. Others may think that they must have a million dollar estate or a large business to pass on. Both are fears that can be quickly overcome, and this post will highlight a few simple steps to get started.
Have an open mind – For many, the thought of passing on is a morbid topic, but estate planning is more about living than dying. Consider it an opportunity to leave an impression on your loved ones and affect their upbringing when you are no longer able to. Most people will relish such a chance to positively influence future generations.
Create a list of assets – It doesn’t make sense to create a plan until you have a good idea of what you have and what you think you want to pass down to your heirs. With that, it is helpful to create a list of assets, which will help in getting you to think about how you want your property divided.
Name assignees – Every estate plan must include people assigned to carry out your wishes. This includes a financial power of attorney, and a health care proxy. These people can make decisions on your behalf in the event that you are incapacitated.
Once you have completed these steps, you will have the basic foundation necessary to create a viable estate plan. For additional help in creating a plan, an experienced attorney can advise you.