Estate Planning Is Ongoing

Just because you sit down once and do some estate planning, don’t
think that it is the only time you will be doing this. Estate planning
is an ongoing process in order to keep up with changes in your life.

Generally speaking, the definition of estate planning is the
distribution of assets after your death to people, organizations or
causes with a minimum of fuss and legal ramifications. No, this is not
just for the wealthy; it is for anyone with an estate, no matter how
big or small. However, having said that, it's a good idea not to wait
until you are older to do this.

The best time to plan out your estate distribution is when you are
alive and healthy and mentally competent to do so. Waiting until you
are older does not always guarantee that your mental capacity is as
sharp as it once was. The other reason not to wait until later is that
if an estate plan is made and the mental capabilities of the person are
in question, this virtually guarantees a challenge, which is not a good
thing for the beneficiaries.

Think ahead when doing estate planning; plan when you are well and
"with it" and cognizant of the ramifications of your decisions. Estate
planning needs to take into account just about any "glitch" that may
arise, which is why this kind of asset distribution needs to be done
with the assistance of a thoroughly competent estate planning attorney.

Don't know where to start with estate planning? Here are a few
simple ideas, but again, it is best to discuss the whole process with a
skilled attorney. Make a list of all your possessions, or at least the
ones you wish to gift to others, which may include your house, land,
cars, boats, cash, savings accounts, stocks, bonds, art, furniture,
and/or interests in a business, etc. Just remember debts and other
obligations are also a major part of your estate as well.

While you are making a list, outline who your beneficiaries are and
flesh out that information with names, addresses, ages, etc. Name an
executor or executrix and draft a list for them of any other agreements
you may have: e.g. pre-nuptial, post-nuptial, other wills, property
deeds, etc. When in doubt, consult with your estate planning attorney.
Remember, this is an ongoing process and needs to be updated every time
your life circumstances change.

Patrick Warwick is the lead content contributor for Chicago
Bankruptcy firm, The Law Office of Jay F. Fortier, P.C.. To speak with
a Chicago bankruptcy lawyer or to learn more about creditor rights, Chicago bankruptcy, Chicago bankruptcy lawyer, Chicago bankruptcy attorney, visit Westsidebankruptcy.com.