Are you looking into ways to deal with estate planning stress? The thought of dying is stressful enough, but what adds more to this stress is who will manage your assets once you pass away, how these will be distributed equally, or how you should be taken care of once you fall into an illness.

To have everything prepared and avoid arguments between your heirs, estate planning and probate will identify who shall inherit your assets if you come to a situation where you become incapable of deciding.

During the process of probate, all your money, assets, and other possessions will be organized by the court which others find too long and too expensive to end. Though there is no conflict in most parts of the process, it may take months or years because of the court proceedings, hearings, and other court processes.

Many people are avoiding probate since disputes among executors, beneficiaries, and tax agencies arise during the process. To avoid this, people are considering living trusts or having their properties co-owned by their spouses or partners.

Estate planning stress

Assigning someone to whom you wish to grant a power of attorney should be the one you trust most. He will be the first executor and will make sure that the assets are distributed according to your designated heirs. Designating someone will help you in the future when there are decisions that need to be made in case you are incapable of doing it.

Usually, a special power of attorney is granted to the spouse, children, or anyone you trust since he will be managing your affairs once you die, become incapacitated, or be disabled. A consultation from an estate planning attorney may help you decide on the distribution of assets and drafting of the documents.

Consider Long-Term Medical Care

Estate planning also includes directives on how you want to receive your medical care once you get older. If a critical decision for your life is needed, you may include a Do Not Resuscitate order to avoid the burden of decision-making on your family.

Advanced medical directives can be used if your current situation cannot provide consent to some medical procedures. This shall also be a guide to your designated power of attorney to grant your wishes.

Create Beneficiary Delegation and Identify Their Rights

A determined designation of beneficiaries will prevent conflicts between your family members and will also protect them on their rights to your estates after your passing. The possible beneficiaries that you may include are:

-Spouse

-Children from a previous marriage

-Young children and grandchildren

-Family member with disabilities

-Anyone who you wish to include

This may also include who should be the living guardian of your minor beneficiaries, how they should be provided financially, and other directives that you want to include to make sure that your children are well taken care of.

Estate planning stress

Before you make your final wishes, have your assets reviewed. You may have assigned a bank account to someone previously in you wanted to change because of certain circumstances. Your estate planning attorney may help you with the review and update if needed.

Furthermore, if you have lived in multiple states, you should carefully review asset titling and beneficiary designations. Each state may recognize various forms of ownership, and transferring an asset to another state may result in the termination of the form of ownership (e.g., moving from a community property state to a common law state).

Create a Personal Will

Your will is the most important document that you will write before your passing. All of your wishes such as conditions, property distribution, management of digital assets, and even the custody of your children will be included in this document.

You may write your own will but if it is improperly done, the court may invalidate it. Having an estate planning attorney draft it for you will prove its validity.

Making a will is an important step toward developing an estate plan that takes your wishes into account. If you die without a will, you are considered intestate, which means that the probate court will decide how your assets are distributed. A will allows you to specify who will receive your assets, which can save time, money, and conflict in probate court.

Consider Including a Living Trust

Including a living trust in your will shall prevent the inconveniences of undergoing the process of probate. These are legal arrangements where your intentions will be used and placed on their proper dispositions. The trust can be used while you are still living or after your death.

The trustor sets the terms for the management of the assets which the trustee should follow for the assets to be utilized.

Get Expert Guidance From an Estate Planning Attorney

An estate planning attorney will help you create and process your documents in case you have final wishes before you die. They will be able to help you decide how you can distribute your assets equally to each beneficiary. They ensure that the estates are distributed following your wishes.

A well-crafted estate plan can benefit everyone. Whether you have a business, a family, a home, a bank account, or simply want to ensure that your healthcare wishes are met, our attorneys can create a personalized estate plan and/or business succession plan that achieves your family’s and business’s short and long term goals.

Estate planning stress

Estate planning and probate law can be stressful. But by following these seven tips, you can help reduce your stress levels and make the process a little bit easier.

Preparing for the future of your loved ones is not only done while you are living. If you are incapable of deciding for yourself or had an unexpected death, estate planning can protect your loved ones financially without needing to fight for it.