Being an entrepreneur is an exciting lifestyle that many people dream of having. But being an entrepreneur also comes with its challenges. One of those difficult subjects that many entrepreneurs put off is estate planning. Let's face it, no one likes to think about estate planning but it's a fact of life that must be addressed. Today, we are going to learn some tips that will help you get started.
Hire a lawyer that specializes in estate planning
A great way to get the ball rolling and get started with your personal estate planning is to hire a lawyer to give you a hand. But don’t just run out and hire any lawyer. Instead, take the time and find a lawyer that specializes in estate planning
. Having someone that practices estate law as their main business will give you the advice and knowledge you need to properly plan your estate. On the other hand, if you choose to go with an attorney that doesn’t normally handle estate planning, you may end up having a difficult time. Start early
If you’re an entrepreneur and you’re in your 20’s or 30’s
, you might not be thinking very far into the future. But if you start planning your estate early, everything will be in place in case something happens. This will help not only protect your estate but also the ones you love the most. When someone passes suddenly and without an estate planned, it can really turn their family upside down. Not only are family members confused about what to do, sometimes when there is no plan in place, they will disagree on how to handle things. This can cause hard feelings that can even divide a family. Why not have everything in place for them so they won’t have to worry? Think about setting up a trust
While planning your estate, you may want to set up a trust. By doing so, you can avoid things like fees and probate court hearings. After your death, the trust will be divided up privately. Living trusts
will also help keep your business private and there will be no need for the world to know about your financial situation. You can fund your trust by transferring savings accounts, stocks and bonds when you choose. This gives you complete control over what assets you put into the trust. Many entrepreneurs choose to set up living trusts and it gives them comfort knowing that their privacy is protected.
These are just a few tips that can help you get started with the estate planning process. While estate planning isn’t difficult, remember that hiring an attorney that specializes in this field will give you the information you need. Setting up a living trust is a great way to protect your privacy, and having a plan in place at the time of your death will make things much easier for your family. So, if you have not started planning your estate, it’s time that you do so. The sooner you start, the quicker things will be in place.