Doing estate planning doesn’t mean you are dying soon. It just means you are prepared in case death comes knocking at your door. Many people don’t like to discuss the possibility of death and dying but it is something inevitable that will come for all of us. It might be sooner or it might be later, we don’t really know. What’s important is that we are prepared for it if we don’t want to give our loved ones a hard time.

Here are some important estate planning steps you should be doing:

1.Hire an estate lawyer in Vancouver.

Estate planning might seem easy but there can be some confusing gray areas that need clarification. An estate lawyer in Vancouver from Lakes, Whyte LLP can ensure that you know what to do in your unique situation. This prevents the law from gaining an advantage over your surviving family members.

Look for an estate lawyer in Vancouver who has a lot of experience in this field. They should be able to assess your situation and recommend the right estate planning steps you need to take.

2.List down your assets and debts.

Create an inventory. Make sure you list down your financial accounts. That includes your bank accounts, credit card accounts, investment accounts, insurance policies, and many others that will fall under this. Next is to list down your tangible assets. That can include valuable collections you might have, jewelry, gadgets, equipment, and real estate properties.

It’s also helpful to include your digital assets here. Many people don’t think to bequeath their digital assets to loved ones such as passwords to social media accounts. They will not be able to access photos and records you might have stored there.

3.Create a will.

This will ensure that your assets will go to your loved ones. Pick beneficiaries and include their contact details in the will.

4.Create a trust.

One way for your loved ones to avoid paying high estate taxes is to put your assets in trust. This will allow you to appoint someone to handle your assets.

5.Leave instructions for when you get sick.

What if you get sick or get injured and you can no longer make decisions on your own? A power of attorney or a living will can still ensure that your loved ones are taken care of.

So start doing estate planning as soon as you can. This can give you more peace of mind.