It may be uncomfortable to think about what will happen after you’re gone, but estate planning should not be overlooked. Almost everyone can benefit from estate planning, which should be done with the guidance of an attorney. Before you get started, take a look at what you should think about with estate planning.
Which Assets You Have
You may have assets in various forms, such as investments, liquid cash, or a business that you own. Understanding how much you have to divide up among your loved ones and what forms those assets are in will be a key first step in estate planning. If you’re starting young, this can be a wise move, but you will most likely not have many assets to think about initially, so you will need to go back and edit your will or create new trusts as you gain more money and investments throughout your career.
Who Will Receive Your Assets
Estate planning is meant to ensure that your loved ones will have financial security after you’ve passed away, so your primary beneficiaries will most likely be your spouse and children, as well as other close family members. However, you may also dedicate certain assets to individuals who can ensure that they are cared for, such as making your business partner the predecessor for your business.
How Assets Will Be Transferred
One of the most frustrating aspects of estate planning is probate, which will be the court process of dividing your assets. Not only is it time-consuming, but it can also be costly. Fortunately, there are ways to work around this, such as the direct transfer of certain bank accounts upon your death. A qualified attorney can walk you through your various options to be sure that your assets do not get lost to the courts, rather than going where you want them to.
Estate planning may not always be simple, but the right lawyer can help. Call Mesch Clark Rothschild in Tucson for your estate planning needs at (520) 624-8886.
