Butler Law

Myrtle Beach Estate Law Blog

Tips to help you divide your inheritance

Drawing up an estate plan is not always easy. Especially when it comes to the deeper aspects of family relationships and inheritance. However, there comes a time when you start to put into action measures that will delegate your assets to your intended heirs someday. How should you do this? What is the most peaceful way to reassign assets to family members?

The answer to these questions is very personal. Ultimately, the legal measures you take to ensure certain heirs get specified assets of yours is completely in your hands. However, there are things worth considering as you face this part of the estate planning process.

What estate planning documents do I need?

Having an effective estate plan is important for everyone which is why it is important to understand the different estate planning documents. If you are considering estate planning, you may have questions about what the different estate planning tools are.

There are a variety of estate planning documents that should be included in any estate plan. The first is an advanced healthcare directive. An advanced healthcare directive outlines the estate planner's wishes for their medical care and treatment if they become incapacitated. It can also designate the person the estate planner wants to handle their medical care if they are unable to do so for themselves. Similarly, a power of attorney is also an important part of an estate plan which can designate and individual to handle the estate planner's finances if they become incapacitated. A HIPAA release form is also an important part of an overall estate plan.

How to start estate planning

Estate planning can feel like a daunting task. You may not want to think about it since it includes thinking about a time when you are no longer around for your loved ones. However, the reality is that estate planning helps your loved ones in the long run.

It is never too early to start estate planning. This way, you have a plan in place should something unexpected happen. Creating a plan can give you and your family peace of mind so it is best to start planning as early as soon as possible.

When should you update your estate plans?

You and your spouse worked together to come up with a thoughtful estate plan. It covers all your beneficiaries, includes a medical directive and handles distribution of your assets. You believe you and your spouse have planned for every eventuality, when suddenly, live changes. Maybe you were blessed with a new grandchild, or one of your children got married. Whatever the life event, it seems like your carefully arranged estate plans may now need to change.

Fidelity Investments recommends you review estate plans about every three to five years. If, however, there is a major change in you or your family’s lives, you may also want to revisit your plans. Here are some situations that may mean it is time to change to your estate plans.

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