Do you have an estate plan? If not, you should start thinking about one. An estate plan is a document that outlines your wishes for what happens to your property after you die. It can also include instructions for healthcare decisions and guardianship of your children. Estate planning can be complex, but don’t worry – we’re here to help! Below is an outline of the basics of estate planning and some tips on how to get started.
Basics of Estate Planning
Many people put off estate planning because it can be complex and overwhelming. However, estate planning is an important process that can help to ensure that your assets are distributed according to your wishes. There are a few basic steps that you can take to get started.
First, you will need to decide who will manage your estate. This person, the executor, will be responsible for carrying out your wishes. You will also need to choose beneficiaries for your assets. Beneficiaries can be family members, friends, or charities.
Finally, you will need to create a list of your assets and determine how you should distribute them. Once you have taken these steps, you will have laid the foundation for a comprehensive estate plan.
Tips on How to Get Started With Estate Planning
1. Choose the Right Executor
This person will be in charge of carrying out your wishes after you die, so it’s important to choose someone you trust. They should be organized and have a good understanding of your financial situation. Again, this doesn’t have to be a family member – it can be a friend or professional.
National Risk Experts, an estate planning in Palm Beach Gardens and money management tips company, recommend that when choosing an executor, you should also consider whether they live in the same state as you. If not, they may have to deal with additional paperwork and red tape.
2. Keep Your Estate Plan Up to Date
Your asset list will likely change over time, so it’s important to regularly review and update your estate plan. You should also make sure that all of your beneficiaries are still accurate. If any of your beneficiaries die before you do, you must choose new ones.
Your estate planning is a very critical matter. Count on National Risk Experts, an estate planning in Palm Beach Gardens, and a money management tips company to help you through the process and answer any questions you may have.
We specialize in helping our clients plan for the future and protect their assets. Our team of experts can help you create a comprehensive estate plan that meets your unique needs.
3. Make a List of Your Assets
It includes everything from your house and car to your bank accounts and investment portfolio. Knowing what you have will help your executor carry out your wishes more easily. In addition, it can also help to avoid any conflict among beneficiaries.
4. Decide How You Want Your Assets to Be Distributed
You can leave specific instructions for each asset or elect to have everything distributed according to a percentage. For example, you may want your spouse to receive 60% of your assets while the rest is divided among your children. It helps to be as specific as possible to avoid any confusion.
We Can Help
Estate planning is a complex process, but it is an important one. By creating a comprehensive plan, you can ensure that your assets are distributed according to your wishes. There are a few basic steps that you can take to get started, including choosing an executor and beneficiaries, making a list of your assets, and deciding how you want your assets to be distributed. Remember to keep your estate plan up to date as your asset list changes over time.
At National Risk Experts, an estate planning in Palm Beach Gardens and money management tips company, we offer retirement planning, wealth planning, asset protection planning, and business insurance. Contact our team at National Risk Experts today for more information!
