Being in a world where there is no certainty about tomorrow, as a parent or grandparent for that matter, it is only wise to make an estate plan which secures your loved ones’ lives.
There are plenty of legalities involved. It is better to consult an estate plan lawyer who will guide you towards effective estate planning in such a case.
The Weisinger Law Firm, PLLC, provides you with total flexibility to design your estate as per your wishes. They will sit with you and listen to your stories and understand your motive behind designing your estate. One of the best parts is they are offering free consultation!
With that in mind, the following are some steps for an effective Estate plan.
- Collect your documents in one place: The first step before any estate procedure will be document checking. Make sure your insurance plans, debts, will, bank details, and other necessary documents are stored in one place. Your lawyer will need quick access to all of it!
- Create a precise list of your possessions and debts: Take a piece of paper and note down information about all your possessions and debts, along with your contact and bank details. This will make the process easier as you can attach this paper with your other documents and give it to the lawyer, and they can efficiently handle the rest.
- Funeral Expenses: Lastly, you can make a funeral expense plan so that all your expenses will be carried out through that fund after your death.
Will, Trust, and Life insurance:
- Will is a paper agreement where you allow your property to one or many people that you trust the most. You can also name them as your children’s godparents in case of your demise.
- If you invest in a Trust, your loved ones will not have to go through several court hearings and time and finance-consuming processes to get the property that they rightfully deserve.
- And finally, by investing in Life insurance, you’re securing your children’s or other loved one’s future, so if something happens to you tomorrow, then they will have the financial security to take care of themselves.
Know that you do not need to be Bill Gates level rich to make an Estate. You can belong to a middle-class family and still design your estate. Just reach out to an estate planning attorney, and they will handle the rest!