Estate planning may seem like a daunting task, but it doesn’t have to be. The key is to start early and know what you want your final wishes for the disposition of your estate to be. You’ll also need to identify any potential obstacles that could make life difficult for your executor so they can plan accordingly. Here are some essentials that will get you started on estate planning in Surprise, AZ, today!
Draft a Will
One of the most important steps to take when beginning the process of estate planning in Surprise, AZ, is drafting a will. The purpose of a will is to designate who inherits your property and possessions after you die as well as appoints someone to serve as executor for carrying out specific instructions such as creating trusts or distributing assets.
Create an Estate Plan
This includes revising your will to help ensure it reflects the latest changes in how you want your assets distributed including any new beneficiaries or changes to what is considered a trust.
You’ll also need an estate plan that outlines who should be appointed as executor and alternate executors, where property taxes have been paid, where life insurance policies and other financial accounts are located, instructions for how to deal with property that is not owned jointly, and where assets are located in other states.
Name Your Beneficiaries and Executors of Your Estate Plan
One of the first steps in this process is to identify who will inherit your assets and property. This includes not just what you own now, but also any anticipated gifts or other bequests that are likely to occur either through retirement account distributions, life insurance policies, or pensions.
