What Should I Do to Start My Estate Planning?

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Estate planning may seem like a daunting task; and understandably, something you are not particularly thrilled to carry out. But even still, this is arguably one of the most important things that you can do during your lifetime. Rest assured, there are simple steps that you can take to make this planning process all the more manageable. Continue reading to learn how to start and how an experienced Putnam County estate planning attorney at The Law Office of Andres D. Gil, PLLC can guide you through the rest of the way.

When is the best time to consider my estate plan?

We understand that there is never an ideal time to think about the day when you are no longer around. Nonetheless, it is pertinent that you take the proper measures to plan for this day. This is because, if you do not, then your loved ones may be left with the burden of sorting it out. What’s more, it opens the opportunity for your loved ones to dispute with one another, instead of taking this time to come together to mourn.

A rule of thumb is the sooner you start estate planning, the better. This process may be more complex than you initially assumed, so you must give yourself ample time. And the unfortunate truth of the matter is that none of us know when our last day is; so you do not want to kickstart this planning too little too late.

What steps should I take to start my estate planning?

First, it is in your best interest to schedule an initial consultation with an estate planning attorney. While your attorney may be able to handle the heavy lifting of your planning, you must show up to this first meeting with the tools to help them in doing so. That is, it is recommended that you take the following steps:

  1. Create an inventory of the assets you wish to incorporate into your estate plan.
  2. Jot down a guideline of healthcare and financial directions you wish to disclose in your estate plan.
  3. Talk with your future beneficiaries to learn about their specific wants and needs with your estate.
  4. Ask your potential trustees and agents if they are able and willing to take on this great responsibility.
  5. Consider whether you must comply with both New York state and federal estate taxes, and how this may affect your plan.
  6. Account for your already existing estate planning documents, and whether they need to be revisited.

This is all to say that you must take your estate planning process seriously. This starts with retaining the services of a skilled Putnam County estate planning attorney. Contact The Law Office of Andres D. Gil, PLLC today.

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