The idea of writing an estate plan can seem daunting, but it’s best not to put it off. Creating a plan for the future is pivotal to seeing that your assets and money are passed on to those you want to receive them. To get started, many people begin by making a list of assets, checking with beneficiaries, and setting up a trust.
Making a List of Assets
Think about what you own, both tangible and intangible. These are assets you will need to assign a beneficiary to, so in the event of your passing, it is distributed as you wish. Examples of tangible assets include your home, vehicles, collections, furniture, jewelry, wall art, and more. Intangible assets can include the following:
- Retirement accounts
- Intellectual property
- Licensing
- Stocks and bonds
Communicating with Beneficiaries
To avoid dispute after your death, you may want to talk with beneficiaries about your estate plan, as they can help make sure that your wishes are followed. This can reduce the likelihood that beneficiaries will get into heated disputes over who receives what assets from the estate.
Setting Up a Trust
If you have a large estate or are concerned that beneficiaries won’t be wise with how they use your money, you can create a trust and appoint a person to distribute your wealth when the time comes. Trusts can be revocable or irrevocable, the former meaning that you can change it over time. Irrevocable means that it cannot be taken back, modified, or terminated.
As an estate planning lawyer from Pioletti, Pioletti & Nichols would advise, every person should get started as soon as possible with writing their estate plan. This is to ensure that your legacy is passed down to future generations and charities how you want upon your death.