The school year is over and it is time to prepare for the family vacation. For us, it means we will be receiving last-minute requests to update or set up a new estate plan. But rushing through the estate-planning process is not a good idea.
The estate planning process includes preparing wills, living trusts and the probate process. Although it requires careful thought, preparing your estate plan ahead of time brings you peace of mind and spares your loved ones unnecessary expenses and anxiety after you’re gone.
The process of establishing an estate plan and bequeathing your possessions can be complicated. Fortunately, this month’s Item of Value explains the basic principles of estate planning. You will find several important steps to think about when choosing the estate plan that is right for you.
You’ll also find definitions of the most common estate planning terms as well as the three basic methods of owning property and how these affect the process of bequeathing your possessions to your beneficiaries.
Because there are many facets and fine points to consider, an estate planning attorney should always be consulted. Once you push past any reservations you have about estate planning and actually start the process, I know you’ll be glad you did!
Written by Attorney Irving Hymson, firstname.lastname@example.org
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