Using WayForth in your estate plans
Have you created an estate plan for yourself? Estate planning doesn’t have to be overwhelming, nerve-wracking or boring. It’s simply a method to outline your intentions for your assets and possessions if you are not able to take care of yourself or pass away. WayForth can help with these services, click here to learn more.
Understanding estate plans
Why do you need an estate plan? It gives you control now over events in the future. It can involve everything from who receives your financial assets and how much they get to which relative or friend gets your prized book collection or antique armoire.
Distributing possessions is often one of the hardest and most emotional parts of a loved one’s passing. Having a complete inventory and clear direction makes things go much smoother for the remaining family members. When your wishes are written down, it’s much easier to work through the process. Creating an estate plan is often done with professionals such as financial advisors or attorneys who guide you through your best options.
Estate plans also come into play when a person is too ill or disabled to manage their affairs. Having a plan can also help protect the estate from outstanding creditors, taxes and other legal claims.
What about probate?
Another word that you need to know as you step into estate planning is “probate.” This is the legal process that administers and divides your estate according to your plan or local laws.
Probate is the step in the process when any outstanding debts are paid, and other disputes are settled. This is the time when paperwork with the courts or localities is done, and assets are distributed if necessary.
One thing that you or a loved one should understand is that probate can take months or even a year and that it can be costly with fees paid to localities for dealing with legal and technical paperwork. Often those fees are paid by the estate itself.
By creating your estate plan now, you can ensure that your family and loved ones have your wishes in mind and possibly avoid any probate issues. The first step is to find an experienced estate planner or lawyer who specializes in organizing estates. To locate one, ask trusted family members and friends. Or reach out to your local bar association or personal financial advisor.
How does WayForth fit in?
One of the most important steps to planning your estate is an inventory of all the items in your home. The professionals at WayForth can make a list according to your wishes and make sure the appropriate people in your life get a copy.
Having a complete list allows your estate planner or executor to know which possessions are to be given to family or friends, which are likely to be donated, and which can be disposed of properly. A list can also smooth out any disagreements or hurt feelings as the estate is being settled.
If you decide to downsize, or even clear out and move before you utilize your estate plan, WayForth can help with that as well. Our team can evaluate your items including furniture and then categorize everything for moving, donations or disposal.
We have downsizing experts who can help with both the physical and emotional aspects of choosing the furniture and items you will need in your new space. Plus, our team can also assist with donations or disposal after the estate has been finalized.
Then, our team can move them to your new location or help you find the right storage solution to fit your needs. WayForth even helps you unpack and set up your space, so you feel right at home.
Take the time now to make your estate plans and call on WayForth for a smooth and hassle-free moving experience.