How to Protect Your Assets and Ensure Your Legacy

Estate planning is more than just creating a will. It involves a comprehensive document list that addresses your family circumstances and financial goals.

Inventory Your Assets

Before you write a will, it’s important to inventory your assets. This includes anything that belongs to you and is titled in your name, such as property, cash and personal belongings.

It would help if you also decided who will serve as your representative. This is someone who will make sure that the probate process goes smoothly. Many people choose a family member or a trusted friend.

Make a Will

It guarantees that your final wishes will be carried out. Beneficiaries and the amount that should be given to each may be named. Guardians may also be appointed for minor children.

Taxes can be minimized with a will. Contact your financial planner to construct your estate plan immediately. 

Establish a Trust

A trust can safeguard many different types of assets. Not just wealthy families can gain from beliefs. Anyone with a significant amount of wealth can benefit from them.

As life changes, it’s vital to review and update your will as necessary. This is especially important after major events or changes in the tax code. It’s important to keep your beneficiaries and assets list up-to-date. It is best to check sites or visit Lulich.com, as this can ensure understanding. It can save your heirs money and time.

Create an Attorney-in-Fact

You’ve worked hard throughout your life to create wealth and assets. A properly designed estate plan can distribute these assets according to your wishes.

We can help you to define your goals and create effective strategies for wealth transfers. Contact us to start the process.

Create a Living Will

Make sure your documents are notarized, organized and stored safely. Keeping copies is a good idea if the originals become damaged or lost.

Everyone should plan their estate, regardless of wealth. It can prevent family conflicts, minimize taxes and give clear instructions to caregivers in the event of your incapacitating illness. 

Create a Health Care Power of Attorney

In the event of your incapacitation, a healthcare power-of-attorney will name a person you trust to make medical decisions on your behalf. Advance directives in health care refer to this document and a living Will.

You should provide your family with a list of all your financial assets, including bank/brokerage and insurance policies. It will save them the time and effort of searching for important documents in the event of an accident or death.

Create a Financial Power of Attorney

Cataloging your assets will be essential when preparing an estate plan. Look for a user-friendly, easy way to maintain your current purchases.

A qualified financial planner can help you create a plan to protect your assets, reduce taxes and manage your legacy.

Create a Health Care Directive

You can change your directives at any time. When you do, create a new form, distribute new copies and destroy all old ones.

Estate planning is a great way to ensure that your wishes are documented and understood by your loved ones. 

Create a Durable Power of Attorney

If you become incapacitated, you can name someone to make financial and medical decisions on your behalf through a durable power of attorney. This can help you avoid the expense and delay of a court proceeding.

Share your plan and master list with family members and beneficiaries to foster understanding and prevent misunderstandings. It’s a good idea to update your estate plan regularly to account for changes in your family and finances.

Create a Living Will

Estate planning helps you to ensure that your assets are dispersed according to your wishes upon incapacitation or death. It includes creating a will, establishing trusts, appointing an executor, planning for digital assets and considering tax implications. Discussing your estate plan with family members can help avoid misunderstandings and conflict. It is also important to review and update your plan regularly to account for changes in family and financial circumstances.