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Taking Your Time with Estate Planning

March 25, 2020

Filed under: Estate Planning — Laura Pennington @ 12:15 pm

Sometimes it’s the loss of a loved one or someone in your family being diagnosed with Alzheimers’ that gives you the sign to put ‘estate planning” at the top of your to-do list. But the truth is that it can be dangerous to rush your planning if you’re doing it on your own. Hiring an estate planning attorney helps you by clarifying what’s really important and having another person to review all the details and give you pointers about what might have been left out.

To start with, an inventory of your assets forms the basis for your future estate planning. What do you have? What do you owe? Do these different kinds of assets mean different things for planning your estate?

A will, a power of attorney, and a medical directive are some of the most important documents you should create right away. There’s a good chance that you already know who- or what- needs to go inside those. But if you need additional support, this is a great opportunity to speak with your estate planning lawyer about what those look like.

Some aspects of your estate plan can be put into place immediately, like your will. Others, like an asset protection plan or a business succession plan, should only be developed with the support of a lawyer and with careful consideration and time. With those plans, the details matter and you should exercise every opportunity to implement the right time to talk through your options.

A lawyer’s review of both the simple and the complex estate planning documents can make a world of difference. Scheduling a virtual or phone meeting with your attorney makes it simple to accomplish this task from the comfort of your own home to get the ball rolling on these key documents and plans.

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