Estate planning should be done by anyone with assets, children, or even those over the age of eighteen. Since estate planning essentially determines what happens to your belongings after your death, it is imperative you prepare yourself for estate planning, even if you have not met with an attorney.
Have a Plan No Matter What
Whether you have $10 or $10 million to your name, you should have a plan of some sort. This plan should focus on financial goals and family in the event of your death.
Understand the Elements
When you go to an estate planning appointment there will be multiple elements you must create in order to have a complete plan. These elements include:
- Power of Attorney
- Living Will
- Health-Care Proxy
You cannot meet with an estate planning attorney if you do not have an asset inventory. Start looking around your home and your finances and start adding things up. Your assets can include, but are not limited to real estate, collections, cars, investments, retirement accounts, and even furniture.
Everyone Should Have a Will
No matter what, you need a Will of some kind. A Will is the most essential document for estate planning that lays out specifics to attorneys and probate court officials on what asset will go where and how much of that asset is given out.