Preparing Your Estate Plan

We all know that planning for the future is important. However, many people tend to put off organizing future arrangements because they believe that it is an uncomfortable, inconvenient, and difficult process. While planning for the future might be uncomfortable now, knowing that your family and assets are taken care of can give you peace of mind. Here at Sinclair Law, we want to help make planning for the future as painless as possible.We know that one way to accomplish this is by ensuring that you have prepared an estate plan.  While there are many things to take into consideration to properly protect your estate and interests in case something were to happen to you, ensuring that your estate is secure does not have to be difficult.

 

What is Estate Planning?

Estate planning is the process of making a plan before you die that explains who will be in charge of the management of your estate after death and how it will be distributed. Your estate consists of money, property, businesses, and other assets, as well as caring for your family. While estate planning primarily arranges who will care for your assets, an estate plan might also name a guardian for young children, provide financially for specific family members, provide for the transfer of your business, and determine who might speak for you both medically and financially if you become disabled. Keep in mind that estate planning does not have to be a one-time event: it is a process that should include revisions as your family and financial situations change over time. 

 

Who Should Prepare an Estate Plan?

Estate planning is for everyone. It is not just a process that retired and wealthy people should consider. Even though we tend to think about estate planning as we get older, it is best to consider planning your estate as soon as you have assets or a positive net worth. A person has a positive net worth when their assets (what you own) are worth more than their liabilities (what you owe). Thus, anyone who has a positive net worth, even if they are unmarried, should draft an estate plan. 

 

How Do I Prepare an Estate Plan?

As you begin to think about preparing an estate plan, you should ask yourself two questions: What do I own? What am I trying to pass on? When you have answers to these questions, you will have a good idea of what should be included as you write the estate plan.

 

To make this process as easy as possible, we have developed a mini checklist of important details that should be considered when preparing your estate plan: 

  1. Consider your family: Who is important to you? To what family members do you want to pass your estate? Are there any specific family members who will need help or who you will have specific items given to? Do you have children that will need a guardian? 
  2. Consider your assets: List your assets. Assets are items such as property, houses, vehicles, savings, businesses, jewelry, and life insurance. Determine what you own and what your net worth is. Remember, net worth is the sum (in a dollar amount) of all of your assets. 
  3. Consider your desires: In the event that you were unable to speak for yourself, you should consider naming someone who can speak for you, both medically and financially. When choosing this person, you should consider what your desires are for the future and in the event that you become unable to speak or care for yourself. 

Come see one of our lawyers: It is important that you work with a legal team that is experienced with the task. Since every person’s estate is unique, you need an attorney who can work with you to understand your personal estate and circumstances. Our attorneys will help you to identify what kinds of protection your estate needs and can ensure that you have planned for every legal possibility. Having access to an attorney during this process will reduce any confusion and ensure that your estate and interests are secured. The attorneys at the Sinclair Law Office, PC have helped many clients plan their estates and are happy to help you. Schedule a consultation today by calling 903-533-1005 or click here.

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