Estate planning is one of those legal processes that are there to safeguard your properties, assets, and the interests of your loved ones. However, the number of people who have created estate plans or similar documents has sharply declined. Since 2017, the rate of U.S adults who have a legal will have decreased by 25%. So, what is the reason behind such a sharp decline?
It turns out; there are several misconceptions about estate planning that prevent one from making an estate planning document. Many people believe that creating an estate plan is demanding and requires a lot of money. However, an estate and probate lawyer will tell you that it’s a straightforward process.
In this blog, we have uncovered the process of drafting a legally valid estate planning and will in detail.
Many people think the process of drafting an estate plan starts with consulting a lawyer. While having a certified lawyer’s counsel to understand the process and required documents is crucial in estate planning, they come later in the picture. However, the first step is to gather your family and loved ones and understand their needs and wants. Once you have articulated their wishes, the process of estate planning will become easy.
The process of getting an Estate Plan off the ground
Define your estate plan’s objective: Before even planning to break the conversation about estate planning with your loved ones, first determine how you would wish to distribute your assets. It’s common for folks to have unexamined assumptions regarding how they will divide their assets amongst their loved ones.
Identify the process of dividing your estate and assets: When making an estate plan, one must be specific about how they would want their heir to inherit the assets. People who have offspring often think that the assets should be distributed amongst them equally. However, while pondering over their personal priorities, you might want to calculate estate distribution differently.
When determining the process of asset distribution, ask the future goals of your children. Taking your children’s interests and abilities into consideration when distributing assets is the best way to make a fair decision.
Once you have determined the objectives you want to achieve with your estate plan and worked out how you will divide your assets, the next step is to hire a probate lawyer Virginia Beach. A qualified estate lawyer will help you walk through the process of building a sound will and estate plan. Having a certified estate planning attorney’s counsel will also help you avoid the pitfalls and met your objectives.
Many people believe the task of creating the estate plan ends once you have the document with you. While the truth is that estate plans evolve as your family and finances evolve. Life events like birth, profit in business, marriage, divorces, or death affect your estate planning. Thus, one must spend considerable time reviewing and revising their estate plan.