Taking an Inventory of Your Life During the Estate Planning Process

You may not realize how many possessions and investments you have in your life – tangible and intangible – that may contribute to your need for planning on what to do with them after you are gone. It’s not just your home or your bank savings, it is collections, treasured heirlooms, antiques, art, photographs, and more. Do you know the value of these things? Do you need to find out?  What about expenses such as funeral costs? Can they be covered? Or is your life insurance policy sufficient to help those you leave behind? 

When you take a moment to think about these items you realize a good first step to the estate planning process, is to take an inventory of your life.

Issues to Address When Creating an Estate Plan

As you take steps to plan for the future, the first thing you will need to do is take a complete inventory of your assets. You will want to understand the extent of what you own and the value of different types of property. It is important to consider tangible assets such as real estate property, vehicles, valuables, and other personal possessions, as well as intangible assets such as investments, retirement accounts, and life insurance policies. You will also want to account for the debts you owe and any other financial issues that may affect you and your family.

You will also need to consider your family’s needs and determine the best ways to provide for all of your family members. By looking at your financial situation, you can make sure you will have the financial resources to support yourself throughout your lifetime. You can also determine whether you may be able to set aside any assets to address the present and future needs of your loved ones. You will want to consider issues such as whether you will need long-term care in a nursing home or assisted living facility, whether you have any family members with special needs, and who you would like to serve as the guardian of your minor children if you die unexpectedly.

After considering how you want to handle matters related to your property, finances, medical care, and other issues, you can determine the best estate planning tools to use to carry out your wishes. In addition to creating a will, you may want to establish one or more trusts to safeguard your assets, use them to provide for your needs and distribute them to your beneficiaries. You may also want to create powers of attorney or advance medical directives to ensure that your finances and medical care will be addressed correctly during your lifetime. By understanding how the laws in your state will affect these issues, you can make sure you meet all of your legal requirements when creating estate planning documents. It is also a good idea to revisit your estate plan every five years to determine whether adjustments need to be made based on changes you and your family have experienced.

Contact a Naperville Estate Planning Lawyer

As you develop an estate plan, you can work with an experienced lawyer to determine your best options and make sure all of your documents have been created and executed correctly. At the Gierach Law Firm, we can make sure you put the proper plans in place while avoiding any mistakes that could lead to difficulties for you or your family members in the future. Contact our DuPage County estate planning attorney at 630-228-9413 to arrange a consultation and learn more about how we can help you address your family’s needs.

Sources:

Nerdwallet

Investopedia

Charles Schwab