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Helpful insight into estate planning

On Behalf of | Nov 12, 2020 | estate planning

Many people in Tennessee and other U.S. states may understand the importance of estate planning. However, knowing exactly how to navigate the process can seem confusing and even intimidating.

If you’ve been putting off estate planning, don’t beat yourself up over it. Here is some insight about what goes into the process of creating a plan.

Planning an estate can help your loved ones prepare for the distribution of your assets if you’re no longer able to manage them yourselves. Your plan should include instructions about who will be able to make healthcare and financial decisions on your behalf if you become incapacitated.

When creating an estate plan, you can designate a trustee to take care of your assets if you become incapacitated or pass away. Along with other input from your financial planner, insurance agent, or accountant, your lawyer can help you draft these important documents.

Your estate plan should also include a will that advises surviving loved ones about how your affairs should be handled upon your death. If you’d like to create trusts for minor children or your spouse, your attorney can also help you draft the document. When deciding on who will be responsible for managing your assets after your death, consider consulting with your financial advisor. If you’d also like to fund your trust with your life insurance policy, your insurance agent can assist.

Regardless of your financial status, there are several tools and resources that you can take advantage of when creating your estate plan. Although there are many components involved in estate planning, the process doesn’t have to be stressful. If you’re ready to begin planning your affairs, an attorney with experience in estate planning may be able to assist.