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2 early steps to take when making your estate plans

On Behalf of | Apr 26, 2022 | Estate Planning

There is a lot that goes into estate planning. Much of your time is ensuring your assets are properly divided after your death. You may have gone through your list once or twice now to make sure you did not miss any assets

Passing away without considering every major decision can make splitting assets harder for your family and friends – but where do you start? Since the task can feel overwhelming, here are two easy places to begin:

1. List all the assets you want to pass on

Seeing a complete list of all your assets can be daunting at first. It can help to know the entirety of your estate before going into planning. 

The most immediate items to consider would be your home, car, art, pets, furniture and jewelry. As you begin compiling your possessions you may find you need to add less obvious items to the list. This may include clothes, electronics, books, plants, pets and collectibles that you want to go to someone specific.

2. Designate your beneficiaries 

You want to ensure that every item in your estate goes to the right people. This might be your next of kin, your spouse, children or a friend. 

Forgetting to name a beneficiary could cause your estate to end up in litigation, so make sure that you at least list every potential legal heir in your notes before you begin your estate plans in earnest. That way, you can decide how best to handle each situation.

Once you have a list of your assets and your heirs, you can begin to see your estate plans take shape and you can move forward with your formal paperwork. Taking the time now to plan your estate saves you and your heirs a lot of stress, and some experienced legal guidance can help you end up with the plan that suits you best.