Wednesday, December 28, 2011

Time for Estate Planning

It's not common for most people to go out of their way to avoid discussing planning for the elderly.  The reality is that as people get older, it's time to think about the future and prepare to lay the groundwork for passing on your estate.  With the proper planning and a good estate lawyer barrie, you can avoid many headaches and frustration for your loved ones.

What Documents do you need for Estate Planning

There are a couple of important documents you'll want to review when you are planning for the future.
First off, you want to have a will.  A will can lay out important decisions about your assets.  You can describe how your estate will be managed, the custody and care of your children, as well as your property. These are important decisions that are better to put into writing rather than to leave to chance.

You may also want to investigate getting medical care documents drafter.  A document such as a living will to give your doctors instructions regarding medical and life support procedures.  It's better to make these decisions yourself than to place the responsibility on your loved ones.

How to Start Estate Planning

First off, you will need to have all your important information handy.  You want to have your financial information, medical and life insurance policies, contact information for doctors, etc...  This is information that your lawyer will need when helping draft your estate documents.  Get all of these documents together and look into getting the right professional to help you draft your estate plan.  Also, after you have your documents drafted, you want to tell your loved ones where to find the information.  Let them know your lawyer's contact information as well as any other important contacts.

Checking on Your Estate Plan

Equally important is checking on your estate plan periodically.  Your financial situation as well as your family and medical needs change over time.  You need to account for those changes in your estate plan.  If you have a new baby, you want to make sure that your new child is included in your will.

All of these factors are important to making sure that there is a smooth transition for your legacy in the future.  Plan ahead now to ease the process later.

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