To many, will planning and estate planning are one and the same. Both provide your relatives with instructions about how your property should be handled after your death, but estate planning goes even further to outline your wishes regarding your health, finances, and more, even while you’re living…

The more prepared you are ahead of time, the easier it will be for your attorney to help you fulfill your estate planning goals. The most important thing you can do before your meeting is to discuss your wishes with your partner or other people close to you, so that you have a clear idea of what you want to accomplish with your estate plan. Next, it is a good idea to draw up a list of beneficiaries and gather your financial records ahead of your meeting to ensure that you and your attorney are on the same page. Finally, drawing up a list of questions to ask your attorney is a great way to make sure that all your bases are covered.

Setting up a trust is a great way to protect your hard-earned assets and ensure that they end up with your intended beneficiaries. However, there are several different kinds of trusts, and it can sometimes be difficult to tell which type is best for you. While a revocable living trust allows you to change the terms of the arrangement at any time, an irrevocable trust is set in stone. Both arrangements have their advantages and disadvantages. While an irrevocable trust offers less flexibility than a living trust, it also provides more protection from creditors and taxes. Your estate planning attorney will help you decide which one is right for you.

For many people, retirement seems like an event in the far distant future. As a result, they often don’t begin preparing as early as they should. No matter what your age, though, retirement planning begins by setting saving goals and sticking to these goals. In addition, many employers offer special savings plans, and contributing to these plans can put you well on track to a comfortable retirement. Whether it’s an IRA or a 401(k), investing money for your future is the best way to achieve peace of mind today.

Owning your own business can be one of the most satisfying endeavors a person can undertake, but when it comes to estate planning, it poses its own set of complexities. Chief among these is establishing a succession plan, ensuring that the company remains the thriving enterprise you’ve built even after you’ve gone. The planning starts with a process of evaluation, in which you identify the key roles in the company and who you want to fill those roles after you’ve left. Next, you can begin passing your knowledge on to these individuals, while identifying what challenges your company is likely to face in the near future. Finally, meeting with an estate planning attorney at an early stage in the process can ensure that you’re taking the correct legal measures to achieve a smooth transition.

Probate is the burdensome and time-consuming process by which a court declares a will to be valid. In most cases, probate unfolds smoothly, but if there are any issues with the will, it can severely delay the execution of your estate plan. For this reason, many people choose to set up a trust. A trust is not subject to probate and allows for the direct distribution of your assets.

The cost of estate planning can range from a few hundred dollars to $5,000 or more. The amount will vary according to the size and complexity of your estate, with specialized estates often costing considerably more than more ordinary ones. Although estate planning costs can be high, it is always smarter to enlist the help of an experienced attorney than to attempt a do-it-yourself approach. DIY wills may save you money up front, but they can leave you liable to oversights that could end up costing you more in the long run.