If you are trying to research estate planning online, you will be forgiven if you get a headache. There are many articles written on the subject, but they often have confusing terminology and long lists of various legal documents most non-lawyers have never heard of. This turns many people off of an important subject that they need to consider.
On the other hand, most people need to know only enough of the basics of estate planning so they know enough to hire a good estate planning attorney.
Recently, Realtor.com published a list of those basics in “7 Things Your Estate Planner Wants You to Know Before You Die,” including:
You are going to die someday so you need to think about it and think about what will happen to your property when you do.
If you die without an estate plan, sorting out your estate will be far more complicated for your family than it needs to be. This is true even if you do not have many assets.
One of the first steps to estate planning is simply to take an inventory of your important assets.
Naming a qualified executor to oversee your estate is one of the best things you can do to make sure everything goes well for your family.
If you own a home, the property tax issues can be complex after you pass away. It is important that you have the advice of a local estate planning attorney.
After you get an estate plan, you need to review it periodically to make sure everything is still up to date.
Should you ever need long term care in a nursing home, you may not need to sell your home to pay for it. However, long-term care planning is complex, so consult with a qualified elder law attorney.
Reference: Realtor.com (Aug. 28, 2016) “7 Things Your Estate Planner Wants You to Know Before You Die