Many people feel stressed out when thinking about writing their estate plan. It may seem like a daunting task, but it is necessary in safeguarding your lifetime legacy and ensuring that those closest to you receive assets that you want them to get. By writing documents like a will, you can have peace of mind that those you love are covered after you have passed away. Estate planning involves facing your own mortality, but it’s the only way to affirm that our final wishes are carried out.
When developing your estate plan, you will have to think about who you care about the most in your life, and if there are charity organizations that mean something to you. In addition to thinking about potential beneficiaries, you will need to make a list of your assets, tangible and intangible ones. Once you get started writing this list, you may be shocked to see just how much you actually own. As a team member at Carpenter & Lewis PLLC would offer, by having this awareness, you can make sure everything you own is accounted for and will be distributed to those of your choosing. Here are examples of assets that would be included in your estate plan:
- Real estate
- Cars, motorcycles, boats, other motor vehicles
- Bank accounts (checking and savings)
- Furniture, jewelry, collectables
- Sentimental items that may have little to no monetary value
- Technology (computers, phones, televisions, etc.)
- Trademark, intellectual property, copyrights, patents
- Clothes, shoes, handbags, etc.
- Stocks, investments, cash
- Machinery and equipment
If you don’t have your estate plan documents done before passing away, like a last will and testament, then you are essentially allowing the courts to make choices for your estate after your death. And the court system is just focused on following the law and won’t account for family dynamics, so it may mean someone you don’t want to inherit anything from your estate may be awarded a portion anyway. Most people prefer to not have the court oversee how their estate is handled, or have any control over it at all, so the best way to prevent that is to plan for the future.
Those who are overwhelmed at the thought of estate planning may visit with a lawyer from an estate planning law firm. Having guidance from a professional, like a wills lawyer Knoxville, TN families trust from Carpenter & Lewis PLLC, who understands the nuances of a task like this can make the entire process easier. Even if the task feels daunting at times, keep going, and don’t forget to ask for help from a lawyer if needed. And despite what people may think, writing an estate plan is not just for people who have too much money in the bank or are reaching their senior years. If you have dependents or children, are older than the age of 18, have a business or career, have tangible and intangible property, own sentimental items, have a bank account or investments, then chances are you can benefit from an estate plan.