Issue 33.17
This is another great question that we get all the time. Starting to plan your estate can be a daunting, and even emotional, process. Many people avoid thinking or talking about anything that reminds them they are not 18 anymore. Because our eventual date with death is inevitable, and we never quite know when it will be, it should be top priority for everyone to get their affairs in order. Now that we covered why it can be difficult yet important to get your estate planning off the bottom of your to-do list, let’s talk about how to get started.
The best way to begin planning is by gathering information regarding your assets, liabilities, family, and contact information for family members, accountant, insurance agent, stock broker, and other advisors. At our office we provide an estate planning questionnaire to organize all of this information in one place and guide you through the process (you can request a free estate planning questionnaire via asktom@jensenbayles.com).
Once you gather this information, it is time to meet with an attorney to discuss the best plan of action. It is important to do your research when choosing an attorney because we work our whole lives to provide for ourselves in our retirement and one small mistake can be extremely costly. Look for attorneys with more than just a few years of experience who focus their practice on estate planning. These attorneys will be more knowledgeable of estate law and will have solutions to estate planning concerns you may have.
An experienced attorney should advise you about the type of trust you might need (if at all), with which choices you will likely be most comfortable regarding your health care if you can no longer make decisions for yourself, and more. It is a common misconception that estate planning is only necessary for those in their “Golden Years.” This is not true. It is very important to decide who will take guardianship of minor children, how they will be taken care of, and what will happen with the house, vehicles, and insurance or retirement accounts should anything happen.
If you’ve been putting off your estate planning, here is a friendly reminder that it’s time to get started.
JensenBayles, LLP provides a broad spectrum of legal services. Thomas J. Bayles has been actively providing advice in the areas of trusts, wills, probate and tax planning in the St. George market for over 18 years. Please visit our web site www.jensenbayles.com or call 435-674-9718 and ask for Thomas J. Bayles. The information in this article is for educational purposes only and is not intended to be construed as legal advice. Please contact an attorney for legal advice specific to your situation.