What Is The Process of Setting Up a Family Estate Plan?

While most people understand that estate planning is essential to protect themselves, their families and their assets, many know little about what is involved in the process. A family estate plan may use a variety of documents and asset protection strategies and should include designations to protect you in case you become incapacitated.

Here are some of the basic steps involved in planning for your estate:

1.     IDENTIFY YOUR GOALS. What do you want to accomplish with your family estate plan? Who and what are you trying to protect? An estate plan is more than just distributing your assets when you die. It can help you avoid court proceedings, protect your minor beneficiaries, and have your affairs in order in case you become incapacitated and need someone to act on your behalf.

2.     CONSIDER WHO YOU TRUST. Who do you trust to handle your finances for you? What about your healthcare decisions? An estate plan names the people you trust most to take on the responsibility of handling your affairs in case you are incapacitated, disabled, or pass away.

3.     DETERMINE YOUR ESTATE. What are your assets? Do you have bank accounts? Stock investments? Retirement accounts? Real property? Business interests? What is the simplest way to get these individual assets to your beneficiaries without getting a probate judge involved and incurring court costs?

4.     IDENTIFY YOUR BENEFICIARIES. Who do you want to benefit from your estate? To whom do you want to pass on your legacy and wealth? What if your beneficiaries are underage when they receive their inheritance? What if you beneficiary dies before you, who receives their share? Their children? Their spouse?

5.     GET THE BEST STRATEGY DESIGNED BY A PROFESSIONAL. You should consult with a lawyer who specializes in estate planning as you draft your family estate plan. They can ensure that your instructions are documented properly according to State Law. They can help you avoid unnecessary Court involvement and anticipate conflicts that may arise in your specific situation.

6.     KEEP YOUR PLAN UP TO DATE. When was the last time you reviewed your family estate plan? Do you have one yet? Just as your finances and personal relationships change, it’s important that your family estate plan changes to fit your current circumstances. Review it with your estate planning attorney every few years, or whenever there is a major change in your life.

We invite you to schedule a consultation to discuss the right estate planning strategy for your family! We can help you navigate all the scenarios that may affect your estate and design the best plan to protect you!

Speak with an experienced Estate Planning Attorney! We invite you to schedule a consultation to discuss the right estate planning strategy for your family! Call (407) 380-7724 or email us at mail@themendezlawfirm.com to schedule a FREE, no obligation estate planning consultation. We also offer you a FREE, no obligation Zoom consultation. Call or email today!