Are you afraid of estate planning? Well, you’re not the only one. People often cringe at the thought of it. Some might even leave the room when it’s mentioned. What’s worse, the conversation can start a word war among family members. Despite the negative connotation attached to it, estate planning is necessary. Bear in mind, it’s not for you.
Estate planning is for the benefit of your loved ones. if you do nothing today, then your beneficiaries would end up paying for it when you’re gone. The cost of estate taxes can be high. At the same time, it can trigger arguments about who gets what. Rather than shy away from estate planning, here are three ways to make the process painless for you today.
Take Stock of Your Life
If possible, avoid doing this when you’re upset. You might stop midway and forego the whole idea altogether. Pick a day when you feel calm. Be thorough. Once you’ve listed your assets, consider your beneficiaries. In case you become incapacitated, consider who would make the necessary decisions on your behalf. At the same time, reflect on who would receive what.
Talk with the People Who will be Your Heirs
Your heirs would include family members and friends. you might feel uneasy about this. Yet, it’s in your best interest to do it sooner. Communicating your wishes can make you feel better about taking control now. In doing so, you’ll be certain there will be lesser problems later. To a certain extent, being clear on your wishes now can help cut disagreements among your heirs. It’s more likely they’ll abide by your will since you took the time to discuss and explain it to everyone involved.
Seek Legal Help
The option to do it yourself using online tools and software packages exist nowadays. But, who do you turn to when you have questions? No doubt, tech support can’t answer your question on the estate tax. Moreover, how to prepare a will or how to establish a living trust to get out of probate.
In this case, the help on an estate planning attorney walnut creek becomes invaluable. The knowledge and experience of a reputable legal counsel can make the process effortless for you. Moreover, it can give you peace of mind knowing your documents and wishes are in order. As a result, your loved ones will be taken cared of when you’re gone.