Studies show that many people put off the process of estate planning. This can occur for numerous reasons, such as assuming that estate planning isn’t for you. A total of 63% of people making over $80,000 a year say that procrastination is their primary reason for putting off estate planning.
But one out of five people earning less than $40,000 a year say they don’t believe they have enough assets to justify an estate planning. Estate planning encompasses so much more than distributing your assets. It includes providing for loved ones and getting peace of mind from the process. In order to accomplish estate planning, consider these four things:
- Determine your estate planning objectives.
- Tabulate debts and assets.
- Put together your last will and testament.
- Create power of attorney documents that authorize an agent to step in and make decisions on your behalf if you are unable to do so.
More estate planning may be required for people with more assets or with unique considerations in their family, such as a person who has special needs. Connecting with an estate planning attorney allows you to create a comprehensive and personally aligned estate plan with these considerations.
Contact our Pasadena estate planning office if you have questions about how to structure your own estate plan.