Most people tend to think that estate planning is only for the elderly. However, that just isn’t true. Having a detailed estate plan in place is a good idea no matter what stage of life you are in. In fact, once you have an estate plan in place, it’s a good idea to review and update that plan on a regular basis. Anyone in the Lee County area who hasn’t set up an estate plan might want to keep these steps in mind when they start the process.
There are several things a person should do to get his or her estate plan ready. One of the first things one should do is to gather all of his or her important documents, including what he or she owns and what he or she owes. These documents are very important for any estate plan. A person should also be prepared to create a living will, a will and a power of attorney. These documents can help ensure that your beneficiaries receive the assets that you desire.
It’s also a good idea to prepare for the unexpected, which means a person should consider disability insurance. If a person has children younger than 18, he or she needs to plan for them as well, including choosing a guardian and specifying what assets specifically go to them.
These steps are all important when it comes to estate planning. No one should overlook how valuable an estate plan can be. If you are ready to start, or review, your estate plan, then you might want to speak with a knowledgeable estate-planning attorney.
Source: Forbes, “6 essential steps for every estate plan,” March 12, 2014