Some people may not think they need an estate plan. However, the lack of proper asset designantion can make matters challenging when you pass away. Regardless of your estate size, passing away without a plan can trigger a protracted and costly probate process. Luckily, many people appreciate the importance of the estate planning process. In fact, according to LegalZoom, 77% of people in the U.S. believe the process of planning their estate is vital. But what do you need to know about estate planning? Let's find out.

When to Start

There is no set age at which you should begin planning your estate. It's never too early to plan for the future and stipulate the ownership of your possessions to your loved ones. It's also imperative to update the written will frequently. Many financial consultants will tell you that updating your will every few years is a good idea. In addition, you want to ensure that your financial, medical, and power of attorney affairs are in order. Luckily, planning your estate is among the essential ways to execute these plans.

What to Itemize

Make a list of all your tangible and intangible assets before getting things started. Remember, the amount of assets is never too small. Sometimes, it may surprise you to find out that you have more than you had imagined. Examples of tangible goods you might own include homes, land, cars, motorbikes, antiques, and trading cards. Intangible assets include business ownership, stocks, bonds, life insurance, health insurance, and savings accounts. Consider adding notes and estimating the value of your possessions. Don't forget to include who you want to inherit the items. Putting a value on the objects will ensure that your belongings are shared fairly.

What to Consider

Ensure you put in place ways to safeguard your assets and your family. You can get adequate life insurance or choose a guardian for your kids. In addition, it's vital to communicate your directives. Remember, clear legal instructions are part of a complete estate plan.

Starting the process of planning your estate is one of the most crucial life decisions you'll make. It gives you the power to dictate who takes control of your estate while living or long after you are gone. Contact us at Wood & Gresham today and we'll make the estate planning process a breeze.