In the estate planning process, a person decides what will happen to their assets in the event of death or incapacity. Estate planning isn’t just for the rich anymore; it’s a crucial part of the financial responsibility for anyone who wants to provide for their loved ones. A financial planner and an Estate Planning Attorney in Green Bay WI can help clients design plans that work for their circumstances. Below are the most important steps in the estate planning process.
Inventory Assets and Debts
There are numerous reasons to list one’s debts and assets, including contact information, account numbers, and information for important financial advisers. Keep the list in a central, secure location, along with original copies of vital documents, and give a copy to the estate executor.
Make a Backup Plan
Estate plans allow people to control what happens to their assets if they pass away, and they put a plan in place so families can carry on a person’s affairs if they become incapacitated. Estate planning includes strategies for providing a steady income after disability, as well as covering potential caregiving expenses.
Providing for Dependents and Children
The main goal for most estate plans is to provide for and protect loved ones’ future needs. An estate plan needs provisions for children, including naming guardians for those under 18, as well as those from previous marriages. Estate plans also address the income of and care for special-needs relatives, which must be carefully planned to retain eligibility for certain government benefits.
If a person wants his or her assets distributed in certain ways, they must have legal documentation to ensure those wishes are followed after they’re gone. This includes choosing beneficiaries for retirement accounts, life insurance, and other assets, and it also involves ensuring that material asset titles are named correctly. Work with an Estate Planning Attorney in Green Bay WI to ensure that the will reflects the client’s current needs.
Whether a person is just starting his or her life or they’ve gathered a lifetime of wealth, an updated estate plan minimizes the effect of a sudden event by protecting and preserving one’s assets. Click Here to find out how the Brabazon Law Office LLC can help clients create security plans that meet their goals and provide for their families.