Estate planning is the process of deciding what would happen if unforeseen circumstances happened to you. It is important to take the necessary steps now to ensure what you want will be carried out properly. Estate planning not just for the wealthy – having an estate plan is an essential part of responsible planning for anyone who wants to make sure their loved ones are taken care of in those unforeseen circumstances.Retirement Planning

A financial planner and a Raleigh estate planning attorney can help design a plan that works for any circumstances.  A primary goal for many estate plans is to protect and provide for loved ones and their future needs.

6 steps everyone should take when creating an estate plan are:

  1. Create an inventory: Make a list of assets and debts. Keep all pertinent account information and important documents in a safe location.
  2. Contingency Plan: In case of the unforeseen circumstances, a documented plan should be in place so that your affairs are carried out according to your desires. This includes a strategy for providing income if should the owner become disabled and covering potential expenses for caregiving that may be needed at some point.
  3. Providing for children and dependents: This is the most commonly thought of item in an estate plan. Everyone wants to plan who will take care of their kids in case they are no longer able to care for them.
  4. Protecting Assets: Estate plans should include specific strategies for transferring or disposing of unique assets like a family-owned business, real estate or investment property, or stock in a closely held business.
  5. Documentation: The correct legal documentation should be drafted to ensure final wishes are followed.
  6. Appoint Fiduciaries: An Executor, a trustee, and a guardian should be appointed, made aware of and agree to their appointments. These are the individuals who will help your estate plan be carried out if any unforeseen circumstances arise.

No one ever has a lot of fun creating an estate plan. Estate planning can be a scary thought, but it is a responsible one.  It is a great gift for kids and family members to make plans in case these circumstances arise. Set up an estate plan with Thornton Law Firm and be worry-free!