Swiren Law Firm, P.A.

Your Legacy

  1. Home
  2.  – 
  3. Estate Planning
  4.  – How to come up with an estate plan

How to come up with an estate plan

On Behalf of | Feb 14, 2020 | Estate Planning | 0 comments

According to Nolo, a person needs to make a will. In the will, they may state the persons who will inherit their property. Similarly, they will mention a guardian who will get tasked with taking care of their young children in case something happens to them or the other parent. Likewise, they should consider a trust. Holding their properties in a living trust may save their survivors from the worry of wasting resources in a probate court.

Similarly, they should make the necessary healthcare directives. They may protect themselves if they write their healthcare wishes. The health care directives may include a living will and a power of attorney for healthcare. All these will give someone the ability to make decisions for the individual. Additionally, they should protect the property of their children. They may do so through choosing an adult to manage any property and money that their children may inherit.

According to Wiser Advisor, they should appoint an estate planning attorney who is qualified. Estate planning is a vital decision involving their family and finances. Thus, making a slight mistake is detrimental. The professional attorney will get tasked with analyzing their family situation and guide them through the required steps that may navigate them through the complicated process.

Similarly, they should make a list of all that they owe and own. The appointed lawyer may need them to calculate their net worth; thus, it is vital to know all their assets and liabilities. Furthermore, they may consider getting the financial power of an attorney. It is a document authorizing someone who they trust to handle their property, business, and financial matters in case they are disabled. The individual may transact the real estate matters immediately.