Many people who have put off estate planning have done so because they feel that it is overwhelming. They either assume that they don’t need estate planning at all, or that the process will be so difficult that they won’t be able to accomplish it.
The good news is that breaking down your estate planning process into multiple pieces with the help of a knowledgeable financial advisor and other professionals is strongly recommended for being able to keep track of this material and to accomplish all of your goals.
The four key documents that every person should have in place for their estate plan include an advanced health care directive, a power of attorney for health care, and a will. The most financially threatening tasks should always be accomplished first. This means that there is a high priority for naming beneficiaries on all of your assets, such as your retirement accounts and your life insurance policies. Then you’ll want to jump into the task of titling your trust properly.
After you’ve accomplished the high stakes tasks, move onto healthcare, including naming someone else to make important health-related decisions for you. Doing the process of breaking these into multiple pieces can help you to accomplish your goals, and to avoid the possibilities of mistakes or conflict down the line.
An estate planning attorney can sit down with you and discuss which of these documents may be most appropriate for you, how they should be used to enhance what you pass on to others and provide for you in your retirement, and where they should be stored in order to be kept safe. Scheduling a consultation with an estate planning lawyer is often the first step and an important one.
