We all want to pass away from this world knowing that we took care of our loved ones and left our affairs in order. To do this, you must carry out an estate plan, which starts with some investigation. The legal requirements will be handled with ease by an estate lawyer in Ridgeland with experience, but they can only help you if you also do your part.
- List your possessions
Only the assets that you are aware of may be protected. Before you start creating estate planning agreements, take stock of everything you own, including bank accounts, real estate, possessions with monetary or sentimental worth, and digital property.
- List your debts next.
You will not be here one day, yet your debts will still exist. Your debts must be considered during the planning stage since they must be paid from your estate after death.
- Examine Your Beneficiary List
You can choose a beneficiary for the assets that will transfer to them upon death in your retirement savings and life insurance policy. It is crucial that you evaluate these beneficiary choices when creating your estate plan since they take precedence over any provisions you may make in your will or revocable trust.
- Select a Representative to Carry Out Your Wishes After Your Death
Your will’s executor or successor trustee might serve as your after-death agent. When you pass away, your estate will be managed by the person you select as an agent. They safeguard your assets, settle your obligations and taxes, and transfer your assets to your beneficiaries. The ideal candidate for this position is typically a trustworthy and competent family member. Still, before making that decision, you should speak with that individual to ensure they are happy to take on this job.
- Look for a Skilled Attorney
You should start looking for an estate planning or elder care attorney who can assist you with the details of your plan as you cross off these first chores. Some people base their estate plan on a will, some on a revocable trust, and some employ a whole different approach. Your lawyer will advise you on what is best for your situation and, of course, assist you in putting it into action.
Halloween may be a night of fun and frivolity, but guarding your family against evil spirits after death is a significant matter. There is no time to spend starting your estate strategy since you cannot accomplish this without one.