As you enjoy your golden years in the relaxing state of Alabama, you should be thinking about your estate plans. By getting everything legally in order, you don’t have to worry about what happens after your passing with all your assets. Here are some great tips to help you get prepared for your estate planning.
Realize estate planning goes beyond a simple will
While most people are likely familiar with the idea of drafting a will, estate planning includes more than that. Estate planning is a process of thorough planning that ensures that all of your assets are accounted for and can be transferred smoothly to your beneficiaries. Once your plans are drafted, you’ll be able to share those plans with your beneficiary so that they understand your wishes.
Start with itemizing your assets
One of the best places to start in the estate planning process is to make an itemized list of your assets. These will include things both inside and outside of your home that hold value. While you’re making your list of assets, be sure to notate any names next to an asset if you know who you want it to go to offhand.
Make a list of your debts
Since your debts will need to be settled by your estate before your beneficiaries can have the assets that they’re entitled to, it’s a good idea to make a list of your debts. Your debts can include items like a home equity line of credit, auto loan and credit cards. Be sure to include your account numbers and any signed agreements with the creditor if possible. This will make it much easier for people to contact them after your passing to settle the debts.
Estate planning is something that everybody should do to ensure the smooth transfer of their assets upon their passing. While it might sound complicated at first, it’s fairly simple to do when you have the right strategy. If you’re not sure where to start, it’s a good idea to seek assistance from an estate planning lawyer.