How To Make Sure Your Legacy is Passed On
The idea of estate planning can seem overwhelming at first, but it’s important to not put it off. An estate plan is necessary to ensure that property and other assets are distributed to the intended beneficiaries or heirs. To make sure your assets gets transferred to the people you wish to have them, consider these tips:
Make a list of assets.
To start your estate plan, it will be a good idea to have an organized list of your assets, both tangible and intangible. Examples of assets include homes, vehicles, artwork, pensions, life insurance, stocks, household items, jewelry, sentimental items, and more. Most of us have an idea of what assets we have, but by composing them into a list it will be easier to designate which of your beneficiaries will receive them.
Draw up a will.
Unless you want your estate to go through probate, you should write a will. Probate is when the court handles a deceased person’s assets and distributes them based on state intestacy laws. Without a will, an estate may get caught up in probate court, where the court will ultimately decide how much and to whom receives your assets.
Talking with beneficiaries.
Depending on the size of your estate and types of assets, you may want to discuss your plans with beneficiaries. How much information you share with beneficiaries will be up to you. Some people prefer to share their estate plan with those closest to them, so these loved ones can help ensure the estate is carried out how the decedent would have wanted.
As an estate planning lawyer from Klenk Law would agree with, anyone with tangible and intangible assets can benefit from having an estate plan. It doesn’t matter how small or large your estate is, since it will essentially be your legacy that is passed onto future generations.