Have you ever thought about what would happen to your assets and possessions after you’re gone? It’s a tough thought to contemplate, but it’s essential for the well-being of both you and your loved ones. Estate planning is not just for the wealthy and the elderly. It’s a necessary step for everyone, regardless of age and wealth.
Imagine the peace of mind you’ll have knowing that your assets are distributed according to your wishes and that someone you trust will make important decisions for you if you cannot do so. But where do you even begin with estate planning? That’s where this blog comes in – to help guide you through the process and avoid any common pitfalls. So, let’s dive in and ensure a bright future for you and your loved ones.
Essential Estate Planning Dos and Don’ts
Usually, when someone dies, the level of uncertainty regarding the deceased assets will increase. It will worsen if the deceased fails to plan his/her estate before dying. Now, to ensure that none of this uncertainty arises when you pass on, you have to make it your priority to plan your estate.
Planning one’s estate can be seen as an essential aspect of financial planning that helps ensure that your assets and possessions are distributed according to your wishes after you pass on. It’s a process that involves preparing for the future, taking care of your loved ones, and making sure that your final wishes are honored. However, one thing we have noticed is that many people, during the course of planning their estate, often make mistakes. And some of these mistakes often lead to serious consequences. Hence, in this section, we are going to look at 9 estate planning dos and don’t
Do: Review Your Estate Plan Regularly
It’s important to review it regularly to ensure that it reflects your current wishes and that everything is up-to-date. You may have acquired new assets, changed your mind about certain things, or experienced a significant life event that affects your estate plan. Regular reviews can help you identify and address any changes or updates that need to be made.
Do: Make Research Before Planning Your Estate
Don’t let anyone tell you otherwise; planning an estate is not remotely close to being the hardest thing in the world. You can even start your estate planning journey from the comfort of your home. You must use this article as a guide, or you can research even further online. Conversely, if you are busy or need expert guidance, you can always contact an estate planning attorney for proper guidance.
Don’t: Delay Making A Will
Simply put, a will is a legal document that specifies how you want your assets to be distributed when you die. We can even liken this document to your legal representation after you pass away. The importance of creating a will before you pass on can’t be overstated because If you don’t have a will, your assets will be distributed according to the laws of your jurisdiction. And when this happens, your property might get distributed to the wrong people. Also, contrary to popular misconception, you necessarily do not have to have many assets before you can create a will. So, don’t wait until it’s too late – start your estate planning today!
Do: Consider Appointing A Power Of Attorney
When you appoint a power of attorney, you entrust someone with the power to manage your financial and legal affairs if you pass on or suddenly become incapacitated to do anything. By appointing a power of attorney, you ensure that someone you trust will make decisions on your behalf and manage your affairs according to your wishes.
Don’t: Ignore Tax Implications
You may not know this, but when we say estate planning, this goes beyond the distribution of assets. Estate planning also involves considering the tax implications of your estate plan. Since estate taxes can be substantial, it’s therefore important that you work closely with a tax expert to minimize your tax liability and ensure that your estate plan is tax-efficient.
Do: Carefully Select Your Executor
Your Will won’t execute itself unless you appoint someone to the work. And this is where an executor comes in. As the name implies, an executor is a person you appoint before you pass on to carry out the instructions in your will. Your executor will see to the distribution of the property to your beneficiaries, payment of taxes on your assets, etc. You must choose your executor carefully, as they will significantly impact how your estate is distributed. Consider someone trustworthy, responsible, and capable of carrying out your wishes.
Don’t: Neglect to Name Guardians For Your Kids
If you have surviving kids, you must name a guardian in your will to take care of them when you pass on. However, you can’t just name anyone as your guardian because they will become responsible for raising your children forever. Instead, the person you name must be someone that shares your values and will provide a loving and stable environment for your children.
Do: Seek Professional Help
Estate planning can be complex and overwhelming, especially if you have a large estate or a lot of assets. That’s why it’s essential to work with a professional estate planning lawyer who can help guide you through the process and ensure that your estate plan is legally sound. A good estate plan will provide peace of mind and protect your loved ones for the future.
Don’t: Never Forget About Your Furry Friends
Many of us consider our pets to be family members, and it’s essential to make arrangements for their care in the event of our death or incapacity. When planning your estate, ensure that you make provisions for them by choosing someone who will love and care for your pets as you would. This person should have a reliable source of income, a suitable home, and a willingness to take on the responsibility of caring for her pets.
Conclusion
Estate planning can be a complicated process, but with the help of the Saanichton Law Group, you can make sure your assets and interests are properly protected. Our experienced legal team offers personalized counsel to help clients in Saanichton and Victoria achieve their estate planning goals. Contact us today by calling 2505440727 or emailing info@saanichtonlaw.com to schedule an appointment. We look forward to helping you create a plan that meets your needs!
