To start with,you should ask yourself the following questions:
- Who do I want to inherit my assets and my belongings when I pass away?
- Who can I trust to make these distributions according to my wishes?
- How can I assure that my affairs are handled in the best way possible if I become incapacitated?
- How can I lessen the burden on my family when I pass away?
You should also consider creating a revocable living trust, which helps in many ways: It makes the process remarkably simpler for your heirs, avoids probate, reduces costs, avoids publicity and allows for the management of your assets and decision-making during your lifetime if you become incapacitated.
When you work with a lawyer to create an estate plan, you only need to be an expert in one thing — you. It’s your lawyer’s job to figure out which estate planning tools are the right ones to implement your individual set of instructions.
In our next blog post, we will get into the details of how to prepare a will.