Estate planning is one of those things tons of people never think about, but this is one of the most important steps in securing your future. It’s not easy to go through all of these steps because it can be emotional and exhausting, but if you find the right people to help you, the whole process can be done rather quickly. People are generally aware that they need to do this, but they never find the time and energy for this process. There are few key steps that you need to cover to create the best estate plan that will secure not only you but your family members as well, making you calmer when it comes to the future.
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List your possessions
People think that they keep track of all their possessions, but when you start writing everything down, you’ll see how tricky remembering it all can be. Your lawyer will ask you to calculate your net worth and it’s important to create a detailed plan so everything you own is included. The only thing you need to do is to create a comprehensive list, and your lawyer will do the rest. Write down everything you consider important, including all those things you’re not so sure about. It’s always better to have more on the list rather than making a mistake right at the beginning.
Appoint a qualified estate planning attorney
This is probably the most important step because a good lawyer will guide you through the process and help you with all the legal details. It’s important to find someone local because that’s the most convenient scenario for you. Many people in Australia, for example, like to search for the best lawyers in their area and arrange to cover all the necessary steps with them. There are great estate lawyers from Melbourne who are the best option if you want to be sure your estate plan is in the best possible condition. Aussies like to turn to professionals when it comes to making major steps in life, so doing the same yourself is the best way to go.
Decide on writing a will
An estate plan begins with a will or a living trust, so you need to decide which option suits you more. Some people are afraid of the will and the whole process of writing one. If that’s the case with you as well, ask your lawyer to help you create a draft and include only the things that are important for taking legal actions. Also, tell your lawyers your concerns regarding both the will and having a living trust, and let them walk you through both of these options. That way you can decide and choose what will make you feel more comfortable.
Store your document
The estate planning process doesn’t end once you create the plan. You need to think about the future and how things can get complicated for your family. That’s why it’s important to keep all the documents in a safe place, organized and sorted so that your heirs can know what to do. It’s important to let someone know every single detail about the paperwork, just to get them familiarised with the process and what might happen with your will. This can also save your heirs a lot of money when it comes to legal actions once the process starts.
Name beneficiaries
This is one of those legal things you may not be familiar with, so it’s better to learn a thing or two about what happens when your estate plan is set into motion. This includes your spouse, children, heirs, and everyone in your will. This is something your estate lawyer will explain to you and help you with understanding the laws of inheritance. It’s better to avoid mistakes once you’ve already come to this point, so be sure you know how you want your assets to be distributed.
The last step is to revise the estate plan and go through it all once again with your attorneys. In case you have any questions, it’s better to ask them now and be sure you’re happy with the result. Lastly, organize a family meeting and let your family know what will happen when the time comes.
