What is Estate Planning. Four Simple Steps You Should Take To Start One.

Estate Planning is for Everybody

Many people ask me what is estate planning? So I've decided to give everybody an answer to this often asked question.

When we arrive at a specific place or season in life often we begin to consider our own mortality. Maybe mom and dad surprise us by talking about the planning they have carried out. Maybe you find out about somebody coping with an unforeseen loss of life. Maybe your friend mentions something about their will or trust.

You then decide it’s time. It's time to make an estate plan.  According to Wikipedia estate planning is the process of anticipating and arranging for the disposal of an estate.

While it may not seem like you have some huge estate that requires that you do anything, everybody has items and individuals in their life that they would prefer that their property go to.  Certainly, most everybody would rather not have the state control their property upon their passing away or incapacity. Yet this is most likely to happen if you die without a plan.  

The state’s standard plan is to give your property to your nearest kin. This may be someone that you don't like so it is certainly not much of a strategy. You may be amazed to hear your husband or wife may not actually get all your assets if you die without an estate plan. Also, if you have children, the court may have to agree to any money being paid to them, not to mention that your minor children may not be taken care of by the people you would choose. How about the fact that your property and your bills get written in court documents that are available to the public during the probate process.

The good news is, for most individuals, making a personalized estate plan is a matter of taking four easy action steps:

1. Make a list of the major belongings.
2. Decide who you want to manage your property.
3. Decide who you want to take care of your children.
4. Give those people instructions about what to do.

Rob McCarthy is an estate planning attorney and is an estate planning lawyer endorsed by over fifty fellow lawyers. He's available to help you carryout your plan. An alternative to using an estate planning attorney to help prepare your estate plan, is to use a simple service that takes care of preparing simple documents like wills and trusts over the internet. Whatever method that you choose, be sure to take action and make a plan.

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*The above information is very general in nature and should not be considered or relied upon as legal or any other type of advice. If a reader has any legal problem immediately consult an attorney for specific legal advice. If a reader has a medical or psychological issue, immediately consult with a medical professional. See the disclaimer tab at the top of the page for more information.