Simple Steps to Get You Started on Your Estate Plan

When the loss of a loved one occurs, the devastation may only worsen if you are left to deal with the financial confusion that might occur. Passing on a definite plan to deal with property and debts are a gift you can leave to your own loved ones, and creating an estate plan is the way to do that. These plans do not have to be complicated or difficult to accomplish, and in fact, they are surprisingly simple if you take it step by step. Read on to learn more.

Perform a little research

You may find more estate planning information in books and online than you expected, and getting a good idea of what you want will help when you sit down with your attorney. When you do set out to learn about estate plans, be sure to pay attention to the state. State law directs probate and other estate provisions, and things can be quite different between states.

Don't stop at the most recognized form of estate planning, wills. While creating a last will and testament is a vital and much-needed part of any estate plan, consider alternatives to wills, like revocable trusts. Trusts are very similar to wills but have many advantages over wills. For example, a will is a public document that can be viewed by anyone, but a revocable trust is private and can be viewed only by you and the trustee you select to oversee it after your death.

Talk to an expert

Your research should have given you some ideas of what you would like to see in your own estate plan, so make an appointment with an estate attorney to get more detailed information and advice. An attorney will take your financial situation and unique needs into consideration and offer you some options for dealing with matters after your death.

Plan beyond wills and trusts

A complete estate plan is so much more than a way to deal with property bequests and debts; it should also address issues that may occur in late life and prior to a death. For example, there are several types of powers of attorney that allow you to place your affairs in the hands of a trusted person if you become too ill or incapacitated. You should not neglect medical issues, either. The need for long-term care and living wills are all important parts of an estate plan. Finally, you can relieve your loved ones of another burden by making your burial and funeral wishes known through a funeral home "preplan."

Speak with an estate planning law firm such as Skeen Law Offices to learn more.

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