What a person really needs to know about starting an estate plan is knowing the basics and finding a good attorney.
Realtor.com recently published a list of estate planning basics in “7 Things Your Estate Planner Wants You to Know Before You Die,” in order to clear up some of the confusion that faces non-lawyers so they can have enough information to get started and find a good estate planning attorney.
Among the list:
- You are going to die someday so you need to think about it and think about what will happen to your property when you do.
- If you die without an estate plan, sorting out your estate will be far more complicated for your family than it needs to be. This is true even if you do not have many assets.
- One of the first steps to estate planning is simply to take an inventory of your important assets.
- Naming a qualified executor to oversee your estate is one of the best things you can do to make sure everything goes well for your family.
- If you own a home, the property tax issues can be complex after you pass away. It is important that you have the advice of a local estate planning attorney.
- After you get an estate plan, you need to review it periodically to make sure everything is still up to date.
- Should you ever need long term care in a nursing home, you may not need to sell your home to pay for it. However, long-term care planning is complex, so consult with a qualified elder law attorney.
You can learn the basics and get started in gaining guidance from a good estate planning attorney.
Reference: Realtor.com (Aug. 28, 2016) “7 Things Your Estate Planner Wants You to Know Before You Die”