Even young people should consider how to handle their assets after a life changing event. Your estate includes vehicles, homes, and anything of value. But it is also for life changing events.
Estate planning is one of the most important things you can do for your family.
When you factor in a potential retirement account, life insurance, and bank accounts the importance of creating a proper plan is clear. Poor preparation leads to poor performance as the saying goes.
There are few things to accomplish before and when you meet with an estate attorney. This will expedite the process and ensure your investments are protected after serious injury or death.
- This can provide an income replacement for loved ones, help expenses related to terminal illness, and pay for estate taxes.
- You will need bank statements and brokerage statements. Make a list of insurance policies and debt.
- This is a list of everything of value. Figuring out how much stuff you have is step one in protecting it. This is the value of your home, cars, jewelry, and other material things of value.
Power of attorneys
- Medical power attorney will make healthcare decisions. Financial power of attorneys decides what happens with retirement and bank accounts.
- This is where you decide how your assets are distributed to your loved ones. Provide instruction for debt, fees, family living expenses, and other affairs.
- If you need to manage assets for a dependent, reduce estate tax, or reduce delay in distribution of assets and a trust can hold all your assets decide if you need a trust.
- Life changing events like marriage or childbirth, home buying, or other large purchase should be added into your plan.
An experienced and dedicated estate planning attorney can assist with the most important plan of your life. When you plan for your future you should plan for the whole thing. We understand what goes into planning. Call us at Bell & Shah Law, LLC today.