When creating an estate plan, nobody looks forward to the task of thinking about what will happen after they pass away. Even though this is just the way of life, it is still no easy task to imagine your loved ones being without you. An attorney at MartinWren, P.C. can understand how complex and emotional this may be for you, and can offer legal support every step of the way.
It may help lighten the weight of the task to know that by creating this important document, you could be saving your loved ones substantial stress and frustration over your assets during their period of grief. An estate plan includes your wishes about which treasures and monetary awards are to go to designated relatives.
Why Estate Planning is So Important
After a person passes away, an estate plan is a great way to leave behind a legacy to specific loved ones. If a person were to pass on without having established an estate plan, their assets may be divided up to relatives based on state laws. Many people do not want the hands of the government on their money, belongings or property, and thus decide to establish an estate plan after all.
Make a List of Those Closest to You
The people you include in your estate plan should be those who are closest to you, and have meant something very influential in your life. An attorney at MartinWren, P.C. can help you get started brainstorming if you feel stuck at any point during this process. Some questions to ask yourself when thinking about who to list in your estate plan can include:
- Who do you imagine inheriting special treasures of yours?
- Who do you think can benefit the most from receiving a monetary award?
- If you have children who are underage, who can you rely on to raise them in the event of your early passing?
- Who do you think could handle making important decisions regarding your finances or health care, if you were unable to?
Editing your Estate Plan as Needed
When your estate plan is complete, it is recommended that you review it every few years for potential edits. Sometimes life changes, and an estate plan should reflect those new developments. Examples of life circumstances that mean you may want to update your estate plan are listed as follows:
- New births or adoption within the family
- Relatives who passed away
- Divorce or marriage
- Changes in friendships
- Children reaching the age of 18
- Acquiring a substantial asset
- New state laws regarding estate plans
- A person named in the will became deceased
Communicating with Loved Ones
Consider talking with those closest to you about your estate plan, letting each beneficiary know what is likely to come sometime down the road. This can help prevent any surprises or arguments arising between your relatives after you have passed on.
An attorney at MartinWren, P.C. can talk further with you, and answer any questions or concerns you have about estate planning. Do not hesitate to reach out to us to schedule an appointment, as we offer free consultations for new clients.