If you still haven’t completed your 2022 New Year’s Resolutions time is running short. We’re well into December which means you have just a few weeks to deliver on those promises you made last January. Thousands each year resolve to take care of their estate planning and if you’re one of these pragmatic, forward-thinking individuals, it’s not too late, but you need to hustle. Below are five steps you can take today to ensure that another year does not pass without addressing this crucial need.
Five Steps to (Finally!) Getting Your Estate in Order
People put off estate planning because they believe that it’s tedious, expensive, and can wait until later. None of this is true. A good estate planning attorney makes the process a breeze. The unpredictable nature of life means that no, it really can’t wait. And while we won’t lie and say it’s cheap, we promise that it’s not as expensive as you imagine (that, and the price pales in comparison to what it’ll cost your family if you die without good planning in place). Everyone needs an estate plan and here’s how you get started.
1. Inventory Your Assets
List all your tangible and intangible assets. This includes real estate, vehicles, and collectibles as well as financial accounts, stocks, bonds, life insurance policies, retirement plans, and stakes you may hold in any business.
Once complete, estimate the value of each item. Doing so will help ensure an equitable distribution among your beneficiaries.
2. Consider Your Family’s Needs
Name guardians for any dependent loved ones, make note of care wishes for your children, and ensure you have sufficient life insurance.
3. Draft Your Advance Directives for Healthcare and Powers of Attorney
Estate planning is not just about wills and trusts. In addition, you need to execute a durable financial power of attorney and an advance healthcare directive. These are crucial documents that protect your physical and financial well-being and so you must understand their purpose and pick an appropriate person to shoulder the implied responsibility. If you have questions about this, an experienced estate planning attorney is your best resource.
4. Review Your Beneficiary Designations
Beneficiary designations on retirement and insurance accounts trump anything you might write in your will and so these different documents must align. Failure to review this information may result in family conflict after you’re gone which is why this is such an important step.
5. Enlist Help
Establishing your estate plan may be the most important thing you ever do. With it, you protect both your loved ones and your legacy, so you want to be sure you get everything right. The best way to accomplish this is to enlist professional, experienced help.
Contact the Estate Planning Law Group of Georgia
To learn more about (finally) attending to your estate planning needs and not letting another year pass without addressing this important task, do not hesitate to contact the Estate Planning Law Group of Georgia either by using the contact form on our website or calling us at 770-822-2723.