Once you get started on something, momentum usually kicks in and finishes the job. However, some hesitate to take those first steps to get their estate plan off the ground. Read on for some small steps you can take that should get you ready to make your estate plan a reality.
Estates Follow State Rules
You will be using an estate lawyer who is versed in state law but it's advisable to keep your state in mind as you begin to consider your plan. Estate, probate, and tax issues vary by state, so focus on information that applies to your current state of residence. For example, if you look up information online, make sure what you are reading is appropriate for your state or you could be wasting your time.
Know the Scope of Your Estate
It's always a good idea to know what you own in terms of property. Make a list of your real estate, vehicles, bank and investment accounts, and other valuable items like jewelry, art, and collectibles. Then make a list of the people and organizations that you want to leave some of your property to when you pass.
Understand the Extent of an Estate Plan
While most people expect to need a last will and testament, your estate lawyer will be suggesting far more. Estate planning begins with what happens before you pass away. Consider what could happen if you became very ill and were unable to attend to matters. You should think about appointing someone you trust to be named in a power of attorney.
Healthcare matters also need addressing. A document covering your wishes as far as life-sustaining medical interventions is necessary. Lacking that, your loved ones will be tasked with making decisions about life support actions. In that same area, consider your choices for assisted living and nursing home care now, while you can make your own decisions.
Life insurance is an easy way to attend to some final expenses or you can speak to a funeral home and make arrangements for your burial now. You can also pay for your final expenses now.
Speak to a Lawyer
An estate planning expert should be consulted on the details of the above and more. Your own research, property inventory, and beneficiaries will provide a start for your lawyer to work with. To find out more, speak to an estate lawyer and get your plan on paper now. For more information, visit a site like https://www.linskylaw.com.