Far too often, estate planning is put off until it's too late. The team at Galvin Realty Group, Inc. understands that many individuals want to avoid even thinking about their death. However, the Rochester, NY, asset-management specialists stress the importance of being prepared for the unexpected for the sake of your loved ones. Below, they explain how you can determine the right time to begin the planning process as well as how to start it when you're ready.

When Should You Start Your Estate Planning?

There isn't a set-in-stone age to begin estate planning, but there are indicators you can use to gauge the situation. For instance, consider your dependents. If you have children, a partner, or anyone that relies on you for food, housing, or financial assistance, then it's important to take the necessary steps to protect them in the event of your passing. Preparing a last will and testament ensures they won’t struggle if anything happens.

Another indicator is property ownership. Whether you own a home or multiple residential or commercial structures, estate planning allows you to decide who takes control of these buildings. If you're in a partnership with other real estate investors, you can arrange for them to buy you out and the profits to go to whomever you choose.

How Do You Begin the Process?

To begin estate planning, you need to compile a full list of your assets. This information should include all retirement plans, bank accounts, investments, life insurance, and property you own. You may need to request an appraisal to determine the value of your rentals and houses.

You must also determine who should be in charge of decisions before and after your passing. Choose a power of attorney to handle financial, business, and health care determinations on your behalf if you become incapacitated. 

Once you've evaluated your situation, it's time to turn to a professional to get your choices legally documented. Galvin Realty Group, Inc. has the expertise and knowledge to help you tackle every aspect of estate planning. From determining the value of your assets to compiling your will or trust, they're ready to assist you and explain your options in full. Learn more about their expertise by visiting them online, or call their Monroe County office at (585) 546-1290 to schedule an appointment.