Planning your estate is never a pleasant experience because you are essentially deciding who or what will receive your assets and possessions after you die. This can make it a distressing process, made more challenging because it brings the most intimate and private parts of your life into sharp focus.
If you have a spouse or have children, you are then deciding who is entitled to what can be extremely difficult. It is like trying to pick favorites which, while something you might already subconsciously have, is horrible when in black and white.
The contents of a will have often been known to cause arguments between family members or even split the family apart entirely, with certain members extremely aggrieved. Given that you aren’t around to justify your decision, this can pose a dilemma.
Furthermore, planning your estate can incorporate many different facets. You may want to give some of your money away to charities or need to ascertain what assets you have and how much.
To help, this is how to make a start with your estate planning.
Work with a professional service
One of the best steps you can take when you are getting started with your estate planning is to work with a professional estate planning service. They will help you to sort through your mountains of paperwork, bank accounts, property deeds, and other asset details to work out what you have in your possession.
They will then assist you in handling taxes, the management of your estate and the will itself as well as advice on how to control decisions relating to your estate yourself.
Naturally, when a team of professionals is guiding you, you will find it far less stressful to work through what is often a complicated process. It will also encourage you to get started quickly rather than leave it until it is too late.
Make a list of whom you want to receive your inheritance
Arguably the most challenging part of estate planning for many people is deciding who or what is going to receive your assets and possessions. When you have a family, this could mean choosing between siblings, managing familial rifts, and taking their spouses and extended family into consideration.
To start with, make a list of all the people you want to give part of your estate to. This could range from handing down your house to your offspring to gifting a sentimental object to an old friend. By creating the list, you will find it far easier to remember everyone and make the whole process far more manageable.
Keep adjusting as you grow older
Of course, time does not stand still, and nor does your estate. While it is important to start your estate planning early to avoid any rushed decisions or mistakes made later, it is worth stressing that your estate will evolve over time – and so will your relationships with those around you.
It is therefore important to periodically update your will to ensure there are no gaps left to be filled and that it is completely up to date.