What Issues Need to be Addressed during the Estate Planning Process?

Estate planning often becomes a confusing and overwhelming process because it involves legal documents such as wills, trusts, and power of attorney. The best way to approach estate planning is by determining all the issues that need to be addressed. Once you have worked out all of your focus areas, everything should fall into place without a problem.

What are the issues that need to be addressed? Asking who, what, when and how of transferring responsibilities when you can no longer perform them because of disability or death is a great way to start. Appointing individuals or professionals that you trust to carry out your responsibilities is very important. These individuals will perform the responsibilities concerning the people in your life and the property of your estate.

The best way to get started is making a list of people who are important to you and depend on you. These people include your children, friends, spouse, and employees, etc. After that has been completed, a list of properties that you own and control over must be made. Then you have to decide which individuals will have the responsibility of taking care of your assets, and be sure to have a set of guidelines that you want the individuals you select to follow.

These are the issues that any estate plan should address. There is never a truly perfect solution when it comes to estate planning, but if it is not done properly and in an orderly fashion, a judge will be making the decisions for you instead. Consulting an attorney, like those at Walters and Ward, LLC, can help guide you through the process.