The future is unpredictable, which is why it is important for every adult to plan for the possibility of what will happen in case of incapacitation or after his or her death. It is not pleasant to think about these matters, but having a plan in place is beneficial for you, as well as your loved ones. If you do not yet have an estate plan, you will find that there is significant peace of mind that comes from having important documents drafted and critical decisions made.
One of the most common reasons why people avoid estate planning is that they are unsure of where to start. You may find the thought of planning for the future to be intimidating, especially if you are young and in good health. However, this effort is worth it, and it can be an important step to securing your interests and caring for your loved ones.
Steps to success
You do not have to be wealthy or famous to benefit from the protections provided by an estate plan. Each adult will benefit from having protections in place and having the final say over matters related to his or her finances and medical care. If you are unsure of where to begin this potentially intimidating process, you may find the following steps helpful:
- Start with taking an inventory of your assets. This includes real estate, physical assets, digital property you own and other valuable possessions.
- Gather all the documents you will need to make informed decisions. This includes tax records, bank account records, land deeds, vehicle titles and more.
- Have a discussion with your spouse, partner or loved ones about details in your estate plan that could impact him or her. Make your wishes and intentions known.
- Start by creating a will, and add to your plan as needed with a trust, living will, powers of attorney and more.
If you are unsure of where to begin or what details could be important for your estate plan, you may benefit from seeking insight from an experienced professional. An assessment of your California estate, your goals for the future and other details can provide you with insight regarding how to develop a strong plan that allows you to look to the future with confidence.