August is national Make a Will Month! Although no one wants to think about when they will pass on, it is important to consider how you will plan your estate well before that time comes.
It is vital to understand some of the Dos and Don’ts of Estate Planning. The professional estate planning attorneys at Long & Long, LLC name the following most important aspects of creating a solid estate plan.
Dos
Do consult an estate planning attorney. Depending on the complexity of your estate, i.e., your assets, your estate plan can seem extremely complicated. Speaking to an estate planning attorney can help simplify the process and put your mind at ease.
Do take a lot of time to consider who will oversee your affairs when you pass. Appointing a trustworthy Executor, Guardian, or Trustee is crucial to a good estate plan. Be sure to choose a responsible person who will thoroughly and diligently administer your estate.
Do appoint a power of attorney and a healthcare power of attorney. As you know, accidents happen. The last thing you want is to have your loved ones left in the dark about who will manage your affairs should you become mentally incapacitated. The same principles apply as before: be sure to appoint someone you trust and who you know has your best intentions in mind.
Don’ts
Don’t forget about your pets. The law still only recognizes your pets as property. This means that they will be inherited and distributed as part of your estate just like your house or your car. So, when you work on your estate plan, be sure to get specific about your pets.
Don’t spare any details. If you have specific gifts that you would like to go to specific people, you can dictate this as part of your estate planning. You should be sure to do this so that your estate can be settled and administered exactly in the manner you would want it.
And finally, don’t wait! Life is full of surprises and the best thing you can do for yourself, and your loved ones is be prepared with a thorough and solid estate plan.
Don’t hesitate to contact the estate planning attorneys at Long & Long, LLC for a free consultation. Call 724.834.9300 or fill out this form.