There is a common misconception that planning your estate occurs when you hit retirement age. However, an adult of any age can benefit from proper estate planning, especially those who are starting a family or purchasing a home. Estate planning allows you to handle the distribution of your estate privately and outside the court system. The process can be complicated but there are some specific things that you need to know about planning your estate that can make all the difference.
1. It’s a Process
You don’t have to have everything figured out completely when you plan your estate. Meeting with an experienced attorney can help you think about distributions you need to make, trustees and beneficiaries to be named, and other issues. Putting together a basic estate plan first is key. Your will can change and evolve as you get older, it is all a process!
2. Living Will
A living will, or an advanced directive, as it is called in some jurisdictions, is a document that instructs your family on your wishes regarding life-sustaining care. The living will comes into play if you are unable to communicate due to some sort of medical condition or disability. It is important that you go over the specific reasoning of your decisions and choices with your family so they understand your wishes.
3. Make It Known
Let your estate plan be known amongst your family. Being secretive about it will make it harder to find your documents after your passing. Let your spouse and another family member know the location of your estate plan, what is located in it, and the location of other important financial documents.
If you want to know more about planning your estate, contact the experienced attorneys at the Lucé Evans Law online or call (972) 632-1300 to schedule your initial consultation. We are happy to assist you through the estate planning process.