An estate plan lays out how you want assets to be handled after you have passed away, or in the event of your incapacitation. It only makes sense that many people put off such a task because it can be uncomfortable to think about and plan for mortality and other unexpected events. But as our Cranston, RI estate planning lawyer forewarns, if you do not have an estate plan by the time you pass on, then your estate will be distributed based on state law by the court system. Knowing this is often enough motivation to begin developing an estate plan, so that your legacy is transferred to those you love the most in the manner you want. If you want to get started on establishing a legally-binding estate plan, please contact our team at McCarthy Law, LLC as soon as you are ready.
Choosing Your Beneficiaries
Beneficiaries can be individuals or charity organizations that you want your assets to be given to after you pass away. Many people choose their closest loved ones, such as a spouse, children, and other relatives as their beneficiaries. You can also choose a charity organization as a beneficiary if there is a philanthropy you are passionate about supporting. Choosing your beneficiaries will help you figure out which assets you want to give to those around you when the time comes for your departure. If you do not have an estate plan that instructs how you want your assets to be distributed, then the government will do that for you. Most people prefer to not have the court system involved in how their legacy is handled, which is why having a legally-binding estate plan is so important.
Listing Your Assets
Another step in developing an estate plan is to list your assets. Our knowledgeable estate planning attorney suggests taking some time to look around your home and see what belongings you own. Do you have an art collection hanging on the walls? Do you own any vehicles or other property? Do you have sentimental items that may not have significant value monetarily but that you cherish? Other examples of assets could be non-tangible items such as retirement accounts, stocks, deeds, and intellectual property, among others. Once you have your list of assets and beneficiaries, you can choose who you want to receive which assets after you have passed on.
McCarthy Law, LLC
If you want to protect your legacy for future generations of family, then feel free to contact our team at McCarthy Law, LLC as soon as you are ready to begin. We know that this task may not be the most appealing to accomplish, as it involves thinking about a time when you are no longer here. However, it is essential to safeguarding your legacy to have instructions for which assets and to whom you want them distributed. Please do not wait until too much time has gone by before you start developing an estate plan. Our RI estate planning attorney is ready to help you!