Essential Estate Planning Tips

Everyone spends their day making plans. Whether they are big plans, such as where to go on vacation, or small plans, such as what to have for dinner, people are constantly planning. However, too many people still fail to plan for the future. No one can anticipate what the future holds and so, it is critical to ensure you and your family are protected by creating an estate plan. At times, it is difficult to determine where to even begin with estate planning. Below, our Carbon County estate planning lawyer provides some tips that can help.

Do Not Wait 

Estate planning is one of the easiest things to put off until another day, but it is important that you do not. Again, no one knows what the future will bring. Anyone can pass away unexpectedly or suddenly become disabled. Without an estate plan in place, you and your family will not have the protection you may need. Just as you purchase auto insurance in case something happens, you should create an estate plan for the same reason.

Seek Professional Help

You should never rely on the basic estate planning templates and forms you find online. Instead, you should speak to a Carbon County estate planning lawyer who can help. A lawyer will ask questions and raise issues that you may overlook. Everything you have worked for is at stake and so, it is imperative that you do it right. The only way to do this is to work with a lawyer.

Give Serious Thought to Your Fiduciaries

 When creating your estate plan you will have to choose one, two, or many fiduciaries. These are essentially the people who will follow the instructions in your estate plan by administering and distributing your estate, making decisions about your medical care, and more. By default, many people choose the child who lives closest to them or the oldest child but this is not always the best choice. Give serious thought to who you appoint as fiduciaries and make sure they are trustworthy, organized, and can carry out the responsibilities you leave for them.

Plan for Contingencies 

The only guarantee in life is change and what is practical for your estate plan now may not be in the future. Beneficiaries may pass away before they can inherit and you may need a successor trustee or executor. It is critical to plan for these changes in plans so you can create a contingency plan and ensure your wishes are still protected.

Communicate Your Plans 

You should talk about your plan with anyone involved in it such as beneficiaries, trustees, executors, and more. This will ensure everyone understands your wishes and knows what to expect so there are no surprises. Even when you communicate your plans, you still need to ensure they are in writing so they are legally enforceable.

Our Estate Planning Lawyer in Carbon County Can Help with Your Case 

At The Law Office of Kim M. Gillen, P.C., our Carbon County estate planning lawyer can provide the legal advice you need when creating your plan so nothing is overlooked and you and your family are protected. Call us now at 484-613-0011 to schedule a consultation and to get the legal help you need.

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