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Estate planning is the preparation of managing an individual’s assets in the event of their death.  It is good to consult with a lawyer who specializes in estate planning.  A lawyer can cost about $2,500-$5,000 depending upon the complexity of your assets.  You can do estate planning without legal assistance, but keep in mind that when you do, the decisions will be left to the family and there could be some disagreements about how to divide your assets.  Too often, we don’t think about how important estate planning is.  Think about it, if you live with your parents and your name is not on the lease or deed, you will have to move out if the parents die and you have no rights to the property, because your name is not on the lease or deed.  It is important to have a living will, a financial power of attorney and a power of attorney for medical/healthcare and it is important to create these documents, while you are still living.

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Who should have an estate plan?  Any person who wants to allocate their assets to one or more loved ones in the event that you die.  It important to take an inventory of everything that you have in your house or apartment.  Establish your directives while you are still living and have good mental capacity.  Make sure you take into account your families need and what they will need when you are no longer alive.    Have a living will and document who you want to be the beneficiary of your assets.  Learn about your State’s Estate tax laws and inheritance tax, so that you can plan accordingly.  You can also establish a Trust, which is a legal arrangement that holds assets on behalf of beneficiaries.   Determine who will be the Power of Attorney/Executor of the Estate, because that person is designated to make sure that allocations are handled according to your written or verbal request.

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By Jason Torrents