Don’t assume that you can skip over the process of planning an estate because you think you’re too young or don’t have enough assets. These can be big mistakes that cause your family members to suffer unnecessarily after you pass away.ThinkstockPhotos-513319630

Many people assume that estate planning is only for the wealthy or that a simple will can cover all of your general needs. An estate plan is as crucial for everyone regardless of net worth or income because many people want to minimize the unnecessary costs, confusion and stress for loved ones after a death.

The following three items should always be in place for someone who has any assets or wants to pass things on to beneficiaries. These include:

  •      An up to date trust or will
  •      A durable power of attorney
  •      Updated beneficiary designation forms

Although more complicated estate planning opportunities are out there and their strategies may evolve as your needs require it, these crucial three items enable you to accomplish the vast majority of your estate planning goals and ensure that your documents are always in line with your specific needs.

Consulting with a dedicated estate planning attorney is one thing that you must do when creating an estate plan and keeping in touch with this person as your life changes such as you get a divorce or have a new child in the family can help you verify that your estate planning documents still match your individual needs.

 

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