Americans like to put off estate planning for as long as they think they can. That runs the risk of not having a plan if you pass away unexpectedly, so it is better to get an estate plan started without delay.
People often want to know what the biggest estate planning secret is. They think there is some secret method by which they can create the perfect estate. The truth is there is no perfect plan, but there are many estate planning techniques that can be used to create excellent plans.
There is a big estate planning secret, however.
The secret is that it is a lot easier to get started estate planning than most people assume.
Kiplinger's recently published some tips on getting started in "5 Tips to Start Your Estate Planning Today."
The tips include:
- Start Young – The earlier you start estate planning the easier it is. By starting young, you also avoid the risk of the unexpected happening and passing away without a plan.
- Key People – A key step in estate planning is identifying the people you want to include in your plan. Ask yourself who you would want to have your assets if you were to pass away today. Also ask who you would want to be in charge of making sure those people get the assets you have left them.
- Identify What You Have – Think about all of your assets and what needs to be included in your estate plan. Make sure you include everything of importance.
- Details Matter – Be as specific as possible in deciding who gets what assets so there is no confusion when you are no longer around.
- Share Your Plan – After you get an estate plan make sure loved ones know you have a plan and how they can access it if something happens to you.
Don't go it alone. Contact a qualified estate planning attorney to help you get it right.
Reference: Kiplinger's (June, 2016) "5 Tips to Start Your Estate Planning Today."