Estate Planning 101: What You Need to Get Started~2 min read
Estate planning is an important step to protect your assets and make decisions about your future. It may feel like a big task but breaking it down into smaller steps makes it manageable. Here are 5 things you need to know to begin.
- Understand Why Estate Planning Matters
- Estate planning isn’t just for the wealthy. It’s about making sure your wishes are followed and your loved ones are cared for. Without a plan, state laws decide what happens to your property, which might not match your wishes. Having a plan helps avoid unnecessary stress for your family.
- Make a List of Your Assets
- Start by writing down everything you own. This includes your home, savings accounts, retirement funds, vehicles, and any valuable personal items. Don’t forget to list your debts, such as a mortgage or loans. Knowing what you have will help you decide how to distribute it.
- Think About Who Gets What
- Decide who should receive your assets. This could include family members, friends, or even charities. If you have children, you’ll also need to name a guardian to care for them if you’re no longer able to. Taking the time to think this through can make all the difference.
- Choose People You Trust
- You’ll need to name someone to handle your estate when the time comes. This person, known as your executor, will make sure your plans are carried out. You may also want to choose someone to make medical or financial decisions for you if you can’t do it yourself. Select individuals who understand your wishes and values.
- Put It in Writing
- Once you’ve thought about your wishes, it’s time to make them official. This typically involves creating a will, setting up any trusts you may need, and establishing powers of attorney. An estate planning attorney can help you put it all together, ensuring your plans are legally sound.
Contact Springer & Lyle
Getting started with estate planning doesn’t have to be stressful. At Springer & Lyle, we’re here to guide you every step of the way. Contact Daniel Abasolo at 940.387.0404 to schedule a consultation and find out how we can help you create an estate plan that fits your needs and protects your future.
