BEGIN WITH THE END IN MIND
DISCLAIMER: The following blog post is intended to be informational only, not legal advice. We strongly encourage you to consult with an attorney for estate planning.
They say nothing in life is guaranteed except death and taxes. No one wants to discuss it, but having a solid estate plan in place is one of the greatest gifts you can provide your loved ones. It is so important to prepare. Here are some tips to consider as you begin to think about your estate planning goals:
- Do you have a Medical Advance Directive? This document allows you to name someone to become your healthcare agent and make all of your medical decisions should you become unable to do so for yourself.
2. Do you have a Durable Power of Attorney? This document allows you to name a financial agent to make all financial decisions should you become incapacitated or unavailable to do so.
3. Do you have a Last Will and Testament? This document outlines how and to whom you would like your assets to be distributed. You will also be able to name the individual (and a back-up) to be your personal representative, commonly known as an executor, to handle your asset distribution upon your death.
4. Consider your Assets–make a list of all real estate, liquid (cash) assets, investments, retirement accounts, valuables and other personal property.
5. Designate Beneficiaries–take a look at the list of assets you have created. Do you have assets in your name only?
a. Consider your bank accounts or any investment/retirement accounts–if you have any in your name only, consider making a beneficiary designation.
b. Is your car titled in your name only? The MVA has a beneficiary form that you can complete with a nominal fee to make sure it transfers to an individual of your choosing.
6. Learn about a Revocable Living Trust–this can be a valuable tool to prevent property from having to go through probate after your death.
Preparation is the key in estate planning and your loved ones will thank you for it! If you are interested in a list of local attorneys who specialize in this work, reach out to us anytime!
DISCLAIMER: This blog post is intended to be informational only, not legal advice. We strongly encourage you to consult with an attorney for estate planning.