You may not want to think about what life will be like after you are gone, but doing so will help you have some control over your future. For this reason, it is never too early to consider estate planning. With that said, many Americans do not know where to start.
If this sounds familiar, you may feel overwhelmed. Making sure you get everything right can be stressful. Planning as soon as possible with someone who understands the law can reduce challenges that may arise. By settling everything early, you can eliminate the need to worry about something unexpected happening to you in the future. Grab a pen and notebook. Here is what you will need to do.
1. Inventory your assets
You probably have more belongings than you realize when you start writing them down. When adding things up, calculate everything from the value of your home and land to vehicles, collectibles, personal possessions and financial assets.
2. Figure out family needs
Next, think about what would happen to your immediate family members if you were not there. Who would pay for the house? Who would take care of minor children? These questions are just a couple of examples out of many that may impact your household.
3. Identify who gets what
Another thing you need to figure out is where you want your assets to go. You can establish how to transfer funds and who to transfer them to when you go through the process of setting up an estate plan. If you want to donate a portion of your financial assets, that is also an option.
Though no one can entirely control what happens in their life, an estate plan will give you the best shot at managing your future.