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Estate Planning 101

On Behalf of | Jun 9, 2024 | Estate Planning

An estate plan outlines the desired allocation of your assets among your beneficiaries if you become disabled or pass away. It entails appointing a trustworthy individual who will make financial and medical decisions on your behalf if you cannot do so. It is crucial to establish an estate plan to ensure the well-being of your beneficiaries after your passing.

Without an estate plan in place, things will be more difficult for your grieving family and it will be a court that decides who gets what, rather than you.

Creating an estate plan step-by-step

The following is a step-by-step approach that can assist you in creating an estate plan that will safeguard your assets and take into account your final wishes.

  1. Inventory. Compile an exhaustive inventory of all your belongings and evaluate their respective monetary worth. Your list should include properties you own, bank accounts and other financial investments and annuities, life insurance, your medical directives and your retirement plans.
  2. Designate an executor. This person will be responsible for carrying out your instructions.
  3. Choose your beneficiaries. These are the individuals whom you wish to inherit your assets. You can designate the specific amounts they will inherit if you wish. Transfers can be done directly or placed in a trust.
  4. Execute your plan. Sign the documents, securely store them and notify your beneficiary and personal representative upon the completion of these tasks.
  5. Revise your plan as needed. Maintaining the currency of your estate plan is crucial, particularly if you establish it at an early age or experience significant life changes like divorce or the birth of a child.

When you are ready to create your estate seek assistance to help you work through all of these important steps.