Lots of people out there, especially the average Joes, dont think twice about estate planning because they arent worth that much anyway. However, everyone, and that includes Average Joes, should know a little something about estate planning. Keep in mind, however, the basics of estate planning are things you can do on your own and you dont necessarily need estate planning lawyers to help you. However if you are intimidated or would simply like for a professional to handle your estate then consider Arizona estate planning lawyers to assist you. You cant go wrong with estate planning lawyers, but you also dont have to spend the money if you dont want to. The following tips for smart estate planning for the Average Joe are really helpful.
A will is the first thing you need when estate planning. This means outlining who receives what in the event of your death. Make sure the information is laid out in an easy to understand way, that your wishes will be fulfilled upon your death, and have a witness sign the will. There are lawyers who can make a will for you, or you can make one yourself with online software help.
A living will is another important aspect of your estate planning. This document simply states what kind of medical care you are interested in, as well as life saving techniques, if you become too ill to communicate your wishes. This relates to life support and things of that nature. When you have a living will you take the pressure off your loved ones to make the hard decisions because you have already made them.
Talking about what you want after your death is a good way to avoid any conflicts or problems. Dont let your will come as a shock to your survivors, instead make everyone aware of your intentions.
Trusts are another important aspect of estate planning and they are a great way for you to dictate how and when your assets are given to your heirs. This is a good way to control money, property, and the like after your death while ensuring your heirs are well protected.
Inform yourself about federal tax exemptions as well. Even average Joes have some assets they will be leaving behind and it is really important that every penny that could be tax exempt is to ensure the families get as much help as possible.
These are just some of the tips to help you with your estate planning, no matter how many assets you have.