Many elders find themselves asking the question regarding estates, and when the best time to start planning is. Truth be told, there’s no ‘sweet spot’ to begin planning, as your assets should always be accounted for, should anything happen to you. But as people begin to get older, these realities begin to set in, and it’s important to understand that your planning should commence immediately. In addition to making the important choices, having an attorney by your side is a critical aspect.
The word estate actually leads to many topics within what you own. This qualifies as tangible items, such as your home, car, and things inside. The intangibles are your stocks, investments, insurance policies, and so forth. It’s an important notion to have all of these things accounted for at the beginning to make sure nothing important has been overlooked.
Your next step is to figure out what you’d like to do with them, and who should inherit the assets. This is a great time to ponder the thought of who would be most capable of handling your financial commitments and medical care, should a serious incident leave you incapacitated.
Finally, discuss these options with your heirs, and let them know ahead of time your reasoning behind your decisions. Outlining your intentions from the beginning results in less disagreements between potential parties once you are gone.
The importance of your attorney here is due to the need for counseling, and someone with experience in constructing the documents to all of your belongings. It’s because of this that from the start, one should be present. Without these steps properly completed, your estate may fall into the hands of your state’s DOR, or the IRS.
To have the job completed correctly the first time, turn to a team of attorneys you can trust. At GNPCV, our team of qualified legal experts can help draft and finalize your estate planning documents to ensure that all of your assets end up in the right place. To learn more, visit our website to fill out our contact form, or give us a call at 845-294-0603.