Estate Planning 101: Practical Estate Planning Tips to Help You Protect Your Assets
Are you part of the 60% of American adults who don’t have a will or trust?
While estate planning is probably not at the forefront of your mind, it is something that every adult needs to do. Estate planning is essential to protect your assets and make sure your wishes are carried out after you have passed away. However, for many people, planning for this time can feel overwhelming and intimidating.
Fortunately, creating your plan doesn’t have to be a complicated task. By following a few estate planning tips and getting advice from professionals, you can set everything in order so your loved ones will know what to do after you have passed.
If you don’t have a will or trust, this guide is for you.
Hire a Team of Professionals
The first step in estate planning is to hire a team of professionals. You need an attorney, financial advisor, and tax professional to create a complete plan. Make sure each professional you hire specializes in estate law.
Create a Will
The best way to ensure asset protection is to create a will. Your will details what to do with all of your assets that are outside of a trust. Creating a will is the best way to make sure your assets are handled according to your wishes.
Choose an Executor
Part of the estate planning process is to choose an executor of your will. This is a person who will carry out your wishes after you have passed. The executor can be anyone you choose, such as a friend, family member, or someone from your professional team.
Create a Living Trust
A great way to protect your assets is to create a living trust. This is similar to a will, however, it helps your beneficiaries avoid the probate process. A living trust is also activated if you cannot make decisions.
If you have minor children, you need to choose a guardian for them should you pass before they are adults. While this is a difficult and uncomfortable situation, it is something you must do. Consider all of your options and make the best choice for your children.
Store Your Documents in a Safe Place
After your estate planning is complete, you need to make sure to store all of the important documents in a safe place. You also need to leave instructions for loved ones on how to access these documents. This will make the process much easier for the person handling your affairs.
Use These Estate Planning Tips to Protect Your Assets
By using these estate planning tips, you can make sure your last wishes are followed.
Start by hiring a team of experts to create a complete plan. You should also create a will, choose an executor, and create a living trust. If you have minors, determine guardianship and make sure to store your documents in a safe place.
Follow these tips and you’ll be well on your way to completing your estate planning.
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