Unfortunately, there are many misconceptions when it comes to estate planning. Many assume they are not old enough to do not have enough assets to warrant this process. However, anyone can begin estate planning at any point. If you’ve decided you are ready to embark on this journey, understanding the steps you must take to proceed is crucial. The following blog explores what you can do to help prepare with the assistance of a Medina, Ohio estate planning lawyer.
If I Want to Begin Estate Planning, What Should I Do?
If you are getting ready to plan your estate, the most important thing you can do before meeting with an attorney to establish a Will or Trust is to take inventory of your assets. Essentially, you’ll want to create a list of everything you own. Odds are, you have more assets than you realize! These lists will include tangible assets, like cars, collections, personal belongings, and real estate. The other will list intangible assets, like bank accounts, stocks, investments, life insurance, and retirement accounts. Once you have your lists, you can start thinking about which Beneficiaries you would like to receive which assets. This will help make the process of Writing a will simpler.
Once you have listed your assets, you can begin thinking about the conditions you would like to include in your Power of Attorney. You can create a Medical Power of Attorney, which allows someone you appoint to make medical decisions on your behalf if you become incapacitated. Additionally, you can grant someone Financial Power of Attorney, giving them the authority to make financial decisions if you are unable to. However, you must create conditions for these documents, so taking the time to consider your wishes is vital.
What Should I Do When I Finish My Plan?
Though you may think the estate planning process ends when you sign your Will or Trust, this is far from the truth. As your life changes, so will the terms of your plan. As such, it’s essential to understand that you should update the conditions in your estate plan as you go through life changes. For example, if you welcome a grandchild into the world, you may want to include them in your Will, so you’ll need to update this document. These updates should occur following significant life changes, like births, deaths, marriages, divorces, and the acquisitions and sales of property.
Do I Need a Lawyer for This Process?
If you want to create a Will, Trust, or Power of Attorney, ensuring you contact an experienced estate planning lawyer is crucial. This process can be complex, and failure to plan property leaves your plan vulnerable to being deemed invalid. As such, your estate will be left to the state, meaning your Beneficiaries may not receive the assets you intended to leave them.
At Krause Law, our dedicated team understands the complexities you may experience when planning your estate. We’re proud to help our clients through these challenging times to ensure their estate plans reflect their wishes, helping to provide peace of mind for the future. Contact us today to learn how we can assist you during these challenging times.
