Estate planning is a priority for everyone at some point in their life. So what actually is estate planning? In simplest terms, estate planning is taking control of your assets or items you own in a legal manner in case someone else has to fill your role in a dire situation. This comprises your home, vehicle, bank accounts, investment accounts and other personal belongings.
This raises the question of who needs an estate plan? Have you thought about someone having to know what to do with your money or make a medical decision on your behalf? If not, then it is important to know the basics of estate planning because there will be a time when you may need to act on your behalf or assist someone else.
During the first steps, an individual can check off many items on their own, but in time they will need to call on the experience of a Murfreesboro estate planning attorney to assist in the matter.
On the front end, you will need to obtain several pieces of information that may include property titles, birth certificates, marriage certificates, social security numbers, financial information, along with information of individuals who should be contacted in case of an emergency and much more. I
By obtaining much of this information on the front end, it will help in forming the documents below:
- Medical/healthcare directive
- Power of attorney
- Investment/financial beneficiary forms
These will be the cornerstone of your estate plan and will be important documents for future years. While creating an estate plan may not be top-of-mind at the current time, it should be as you move through the middle phase of life. It will make situations easier for a loved one or children as life progresses and new experiences are presented.
At its core, estate planning helps those who you wish to receive items after you die, but there there is also more that it entails and it is wise to seek the advice of an estate planning attorney when the time is right.