Thinking about your own death is a morbid thought, and not something that people tend to want to engage in. However there is a practical side which is estate planning. Estate planning ensures that there is no confusion for those family members who are left behind. They will know what your exact wishes were, making the entire process as smooth as it can possibly be. Estate planning is all about taking the stress off your loved ones so they have a chance to grieve and go through their own emotional process.
So what happens if you’ve been thinking about getting started on your estate planning but you don’t know where to begin? Here are some basic steps you can follow allowing you to properly plan for the future.
Figure Out What You Will be Leaving BehindOne of the first steps in estate planning is to figure out what you will be leaving behind. It can be helpful to make an actual list of your assets and possessions so you can then go through the list in a methodical manner and assign it to various people. If you are leaving all your assets to one person, this of course makes it much easier.
Along with all your assets you will also need to list your debts. These will likely need to be paid out from the estate should you pass away before they are fully paid.
Plan the Funeral DetailsPart of estate planning also involves planning your funeral details. Planning the funeral means your family won't have to worry about these details, and it also gives you a chance to set aside money for it.
Typically the biggest decision you'll need to make is whether you are buried or cremated. This is a decision you will need to share with your family so they are prepared and understand what will take place. Speaking with a funeral director will help you to plan all the necessary steps.
Get It All Down in WritingWhile it’s great to create this big plan in your head as to what will happen to your estate when you pass away, the fact is that it’s only going to be helpful if you get it down on paper. This is when you will want to contact a law firm such as Roper James who are Plymouth based lawyers.
Because writing a will that covers all the important aspects can be confusing at best, it really is helpful to use solicitors. Lawyers understand such things as power of attorney, wills and asset protection, trusts, and probate. Obviously you can’t be expected to be an expert in these matters, nor should your family members be expected to understand. These same solicitors can also act as a personal injury solicitor in Plymouth, which can affect the details of your estate.