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Jan 10, 2022

Planning Your Estate: How to Plan for the Future

steps of estate planning

No matter your age, it’s never too early to start mapping out your estate. Your estate can be anything from a few small pieces of property, to stocks and bonds, or even the items in your home. This blog from a Pleasanton estate planning attorney will teach you how to plan for your financial future in three simple steps. With this guide, you will have peace of mind knowing that everything will be in order for your family.

Gathering information

The first step of estate planning is to gather information. This includes figuring out how much you own, what debts you have, and your long-term goals. Make a list of your belongings and monetary assets. You will need to include bank accounts, investments, retirement funds, personal property, and other items in a physical location. 

Don’t forget that even if you don’t have all the money upfront for retirement or estate costs that do not need to be paid until later in life, you should still account for them in your plans to be managed accordingly over time.

Setting up an estate plan

The first step of estate planning is to set up a will. A will specifies who gets what and how it will be distributed. It also lets you dictate your funeral wishes, which can be legally binding if you have a living trust.

A living trust is another way of organizing your finances and assets before you die. It is created during your lifetime and holds the title to all of your property as you live. You designate who will take over as trustee for any property left in trust that cannot be distributed according to the trust document’s terms.

Finally, a power of attorney is a document that gives one or more people the authority to act on your behalf when it concerns financial and medical decisions, among other things. This gives you an extra layer of protection so that your family doesn’t have to worry about making these decisions on your behalf when the time comes – allowing them more time to mourn their loss rather than become executors for their loved one’s estate.

Finishing touches for your estate plan

A final step in estate planning is ensuring that everything is in order. This includes finding out what your heirs will inherit and how they will get it, providing for any special needs of your heirs, and taking all necessary steps to minimize taxes. Remember that the goal is to pass on what you have earned for years of hard work. Do not leave anything unfinished or unclear when it comes time for you or a loved one to make an estate plan. Planning is always the best option.

Need a Pleasanton Estate Planning Attorney?

Estate planning is a necessary process that every adult should go through, and it should be done sooner rather than later. With an estate plan, you’ll be able to determine what happens to your assets when you die, protect your family’s inheritance, and ensure that your wishes are carried out.

To get in touch with a Pleasanton estate planning attorney, contact us at Lewman Law today by dialing (925) 447-1250.

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