Overwhelmed by the process of putting together an estate plan? Not sure which documents are necessary and which ones don’t apply to your situation? Read below to find out four simple tips to get on top of estate planning today and to begin protecting your future generations.
Review Your Assets
Do you really know how much you own? Most people don’t because they’ve never written it down. Plenty of people overlook their digital assets and accounts. Some of these might have financial value and others are more sentimental, but it’s important to have a big list of all of your assets to start with as you enter the world of estate planning.
Consider Your Wishes
Have you spent any time thinking about what you want while you’re still alive?
Who will step in to make medical decisions on your behalf if you are incapacitated? Who will handle your financial affairs? How will you qualify for Medicaid in future years if you need long-term care? Do you want life-sustaining care?
All of these are important questions to consider in your own estate planning. Your decision to answer them now makes it easier for your loved ones to step in as needed without having to wonder what you really wanted.
Sit Down with a Massachusetts Estate Planning Attorney
Now that you’ve at least started thinking about these important issues, it’s time to walk through a strategic plan with your lawyer. Discuss your options with an estate planning attorney who can tell you more about the tools available to you to accomplish all of the goals you outlined above.
Estate planning does not have to be difficult, but it does have to be done in order for it to be effective and to be meaningful for your legacy.
