Estate plans are essential for all Americans, whether you have many assets to protect or not. Estate plans contain a number of important pieces of information that your loved ones need as they deal with your estate following your death or during your disability.
Some of the pieces of information included in an estate plan include:
- Instructions for your care if you are disabled
- Instructions on passing your valuables on to your beneficiaries
- Documentation for the transfer of your business
- Guardian and inheritance manager information
Overall, estate plans are designed to reduce the stress that can come after dealing with a person’s death. A good estate plan helps your family avoid chaos and difficulties when trying to understand your wishes.
Is it difficult to make an estate plan?
Making an estate plan is not difficult, but it is something that you should do over time, not just once. Many people update their estate plans with all major life changes as well as either annually or every other year, depending on their preferences and age.
The first time you visit your estate planning attorney, you should bring information on your assets as well as any documents you have with life insurance policies or retirement accounts. Keeping all of this information in one place is a good idea for the estate’s representative, and it also helps your attorney when choosing the best way to protect your assets and lower or eliminate the taxation of your estate. Our site has more on what you should know when you’re starting to write your estate plan for the first time.