Estate Planning is for Everyone

Estate planning is actually beneficial for everyone. It can be applied to people of all ages, various cultures, and different financial status. Basically, the idea that you might have heard that estate planning is simply for billionaires is not really correct for as long as you have assets, no matter how big small it is, you can always do estate planning. Contact a  Real Estate Attorney Columbia Sc to get started.

Estate planning is a pre-arranged plan on how a person's assets are distributed and managed at a specific time or situation. Despite the fact that the common agreement becomes effective when you pass away, this is not always the case for you can definitely distribute your assets even when you are still alive depending on what is stated in the arrangement. One situation is when you have an estate plan to transfer your assets when you already retired or incapable of making sane decisions. Obviously, these two life events do not mean that you are already dead but you may still be able to arrange and activate it with the help of your Estate Planning Attorney Columbia Sc and prevent stress and conflicts within your family. More often than not, people who made estate planning in this way would have prerequisites such as emphasizing that the recipient (usually sons and daughters) have already completed a specific profession or other things that must activate the transfer of valuable assets.

With regards to financial status, you do not have to be Mark Zuckerberg of Facebook, or Jeff Bezos of Amazon, or any other rich men on earth to plan your estate. Even if you only own a small piece of lot in your state or even just kept a few jewelry with high value, you can always arrange who will receive these through effective estate planning.

Since estate planning is for everybody and certainly not only for the rich, the steps in doing it can be applicable to everyone as well. Below are the basic ideas of starting an estate plan.

1. Determine All Your Estate or Assets

An estate comprises all things that you find valuable which may include investments, savings, properties, tangible assets, heirlooms, and many more. List it all and include its details. You may even prioritize or categorized it according to its value.

2. List All Your Beneficiaries or Receivers

This step is very important so you will not miss any person and end up hurting them emotionally or leave them without anything.

3. Divide Your Estate to Your Beneficiaries

This is another crucial step for you really have to work on your criteria on who's who to receive your estate. But, this is really all up to you.

4. Make a Temporary Will

All of your arrangement must be legalized through writing a will. However, you can initially create a draft and keep it for yourself until you can be sure of everything.

5. Consult an Estate Planning Attorney
An Estate Planning Attorney Columbia Sc or elsewhere will actually help you in the whole process and assist you with the legalities of your plan.

6. Finalized Everything
Make your final plan and put everything into writing with notarization and other means of making it truthful and legal.