Estate planning is a way for an individual to design the legacy they ultimately leave when they pass. Without proper plans in place, the handling of one's estate is left solely to the courts. Regardless of age, all legal adults should work with an estate planning attorney to draw up arrangements that protect their interests and the interests of their loved ones. Learn more about a few key steps in estate planning with this helpful guide.

A Guide to Comprehensive Estate Planning

1. Choose Beneficiaries & an Executor

First, think about who you want to inherit your assets and what they should receive. It can be helpful to compile an inventory of all your major assets alongside a list of loved ones you want to remember.

You'll also need to appoint an executor. This is the person who will be responsible for managing the resolution of the estate after your death. They will open a probate case with the courts, notify beneficiaries, and pay estate-related taxes, among other duties. Choose someone you trust and discuss your intentions with them beforehand.

2. Write a Will

A will is the cornerstone of a strong estate plan. This document names the individuals who will inherit your assets. If you have minor children, a will is also where you should appoint a legal guardian in case something should happen to both parents. Work with your estate planning attorney to be as clear as possible in your wording. Leave no room for ambiguities or disputes.

3. Set Up a Trust

A trust is an estate planning tool that allows certain assets to bypass the probate process. You place ownership of an asset into the trust while you are still living. Then, upon your death, it transfers directly to the appointed beneficiary without having to go through probate.

In addition to avoiding probate, living trusts can save money on court costs, and their terms remain private and confidential, unlike the terms of a will.

4. Consider Other End-of-Life Arrangements

Explore other possible end-of-life documents with your estate planning attorney to create a comprehensive plan. These documents might include a power of attorney for health care and a living will, both of which let a person make decisions about what care they want to receive and not receive in the event they become too ill to make these decisions on their own.

5. Leave a Letter

Finally, leave a letter for loved ones that includes considerations not mentioned in your other estate plans, like funeral requests and smaller, sentimental items that you want loved ones to inherit. Give this letter to an attorney or trusted loved one.

 

If you need assistance designing a plan for the future, contact the estate planning attorneys at Cada Cada & Jewson in Lincoln, NE. These experienced attorneys have been serving the area since 1972 and offer representation in estate planning, personal injury, and business law cases. Call (402) 477-2233 or visit the website to schedule a consultation.