What is Estate Planning?
Basically, estate planning involves the process of deciding what you want to happen to your assets and your dependents when you pass away or can no longer make decisions for yourself.
Planning your estate before it’s too late is an important component behind keeping the peace amongst your family members when the time comes. So, here is a quick breakdown of the steps you should take to get the ball rolling.
Estate Planning First Steps
1. Calculate your net worth.
You can use the Statement of Financial Net Worth worksheet to help you calculate your net worth. You need this number in order to complete the next step.
2. Calculate your gross estate.
You can use the Calculating Your Gross Estate worksheet to help with this. You want to be very detailed here so that there aren’t any arguments over assets that were accidentally left out of the estate planning process.
3. Hire an estate planning attorney.
Now that you know what you’re dealing with, it’s a good idea to hire a qualified expert to help you plan out all the details. Dividing an estate can be tricky business, especially if there is real estate and trusts involved.
Drizin Law is providing this information for educational purposes only. It should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. This information is based on general principles of Nevada law at the time it was created and you should be aware laws frequently change. Moreover, the laws affecting you may differ depending on the circumstances. You should consult with a qualified attorney in your own state or jurisdiction concerning your particular situation. Review of this information does not create an attorney-client relationship.