One of the main reasons why people don’t make estate plans—and most people don’t—is because it feels daunting or overwhelming. They assume they need a lot of complex paperwork, and they don’t know where to start. Because of this perspective, they procrastinate or put off estate planning, even when they know it’s important to write a will and take other steps.
But it doesn’t have to feel this way. Estate planning can start very simply. Just getting the process underway is beneficial.
Making updates
After all, you can always update your estate plan and make changes in the future. For instance, maybe you know there are many different tools to consider, like trusts, powers of attorney, payable on death accounts, guardianship designations and much more. You don’t know how to approach all of this, and you’re not sure where to start. You’re also worried that life is going to change in the future, as children and grandchildren are born or as you lose or acquire certain assets.
Thinking of this big picture can be overwhelming, but you can break it down into steps. Drafting a simple will gives your family instructions for how you want to divide your assets today. Once that is in place, you may want to consider a medical power of attorney or an advance directive, especially if you’ve had a significant diagnosis. You can always return to your plan, add more elements, adjust the documents you included or make new decisions in the future.
But getting the plan underway is still a positive step to take for your family, even if it’s simple. It can help to have experienced legal guidance on your side to explain some of your options and help you get the initial paperwork in place, giving you a solid base for your estate plan.