The Process of Creating a Will and Estate Plan

The information provided by Roy Y. Gagaza, If you have substantial assets or intend to bequeath some of them to your offspring, you must have an estate plan It will assist you in determining who receives your assets, including life insurance and retirement accounts It will also ensure that your final wishes are carried out. Create an inventory of your assets, also known as an asset manifest This inventory should include your bank records, insurance policies, loans, and other personal and financial information An estate attorney will find it useful when analyzing your estate.

Consult an attorney or other financial professional for legal advice This person can advise you on the best method to proceed with your estate plan based on your specific situation. Draft a will: This is the fundamental element of any estate plan It specifies how your assets will be distributed upon your demise and how you would like your debts and taxes settled It also reduces the amount of estate taxes your descendants will have to pay upon your passing.

Consult with your attorney, financial advisor, and other essential family members regarding your plan. This will assist everyone in understanding how it functions and who to contact in the event of your illness or demise If you do not have an estate plan, a judge will determine how your assets and minor children will be distributed. This can be challenging for your heirs and their families

The greatest error most people make is dying without a will or intestate. This may necessitate that your descendants undergo a court-supervised process to value and resolve your assets, pay estate taxes, and transfer them to the beneficiaries named in your will It is strongly advised that you collaborate with an experienced estate attorney, especially if your estate is sizable or complex This is due to the complexity of the law, which can be intimidating for you and your successors.

Creating a trust is another essential element of an estate plan, particularly for families with young children. It permits you to appoint a trustee to administer the trust for your offspring. Your progeny can also benefit if you have an incapacitated child, such as a disabled parent or a special-needs sibling

Plan what you would do in an emergency, such as if you become ill or injured and are unable to make decisions for yourself This includes drafting health care directives, naming guardians for your children, and granting power of attorney over your financial and medical affairs.