How to Simplify Estate Planning

POSTED ON: June 10, 2021
CATEGORY: Estate Planning
simplify estate planning
Estate planning can be an emotional and challenging endeavor. However, here are three tips to make it easier and to help you prepare for the future.

For most people, estate planning and preparation doesn’t rank very high on their “to do” list and few realize you can simplify estate planning. There are a number of reasons, but frequently it comes down these three: (i) cost; (ii) they believe it’s just for the rich; and (iii) it’s too complicated, says Jerry Taylor of Jerry Taylor Law in Fairhope, Alabama.

An estate plan really is not about you. It’s about taking care of your loved ones and charities.

Without an estate plan or last will, state intestacy law determines who gets your assets. You lose control of how your wealth will be distributed.

Let’s look at three tips to make estate planning more simple and to help you prepare for the future:

  1. Work with an experienced estate planning attorney.  If you want to simplify your estate planning is not something you ask your buddy to do. “Hey, Jimmy, help me write my will.” No way. Partner with an experienced estate planning attorney, so you are confident your documents comply with state law and that the plan’s language clearly details how your wealth should be managed.
  2. Review your estate planning documents regularly. We all have planned and unexpected events in our lives, like new grandchildren, illnesses, or significant increases or decreases in your net worth that could impact wealth and how it should be distributed. Meet regularly with your estate planning attorney and review your plan to make sure it still meets your needs and intentions.
  3. Organize important documents. Make certain important documents have been created and can be located quickly, if something happens to you. Here is a list of documents you should have on file that can be accessed by your spouse or family members in case of an emergency:
  • Wills, trusts, and other important estate planning documents
  • A list of tangible and intangible property
  • A list of financial accounts and insurance policies; and
  • Email accounts, logins, or other log-in information to your PC and phone.

Estate planning is not a DIY project, but it can be made simpler. You need the expertise of an experienced estate planning attorney to make certain that your wishes are carried out and that your estate plan can withstand any legal challenge.  For more information contact Jerry Taylor Law.

 

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