Estate Planning: Momentous Things You Need To Do Before You Die
Gone are the days when estate planning was only really a priority for high-net-worth individuals. These days, it’s critical whether you own one property or ten. Estate planning is a solution for anyone who wants their assets to be handed over to either one or more loved ones following their passing.
That said, if you’re thinking about developing an estate plan, Bryant Elder Law can assist with the process. Furthermore, we’ve listed the noteworthy things you need to prioritize when creating your estate plan.
Itemize Inventory
First, you will need to go through everything you own and list every valuable item. Examples of valuables can include things like your home, televisions, collectibles, jewelry, art, and even power tools.
You’ll probably find that your list is substantially longer than you initially assumed it would be. While you are itemizing your inventory, you should also note items that bring particular loved ones to mind; this will help you divide your assets fairly.
List Non-Tangible Assets
Next, you should start adding your non-tangible assets. These include things owned on paper and other such entitlements that will be predicated in the event of your death.
Consider brokerage accounts, bank accounts, retirement funds, life insurance policies, and other insurance policies.
In this list, you should include the relevant account numbers while also listing the locations of physical documents. Furthermore, you can also add contact details for pertinent firms holding any non-tangible assets.
Create A List Of Your Debts
Unfortunately, you will also need to consider any credit and debt when developing an estate plan. So, create a list of all your credit cards, personal loans, auto loans, homes loans, or any others.
List Memberships
Beyond assets, non-tangible assets, and debts, you must list any memberships you hold and their relevant details. These organizations often have accidental life insurance perks for their members at no cost. Because your beneficiaries might be entitled to these benefits, it’s essential to list all your memberships in your estate plan as well.
Update Your Insurance
Just like your retirement funds, bank accounts, and assets, your insurance benefits will also be transferred to beneficiaries. So, updating your insurance policies over time is pretty essential.
Even though your policies will stand until you decide to cancel them, you will need to update the beneficiary contact details and information over time, especially if these details change at any point.
Choose A Responsible Estate Executor
Your estate executor or administrator is the individual that will execute your will in the event of your death. Due to the delicate nature of the responsibility, you must choose this individual with the utmost care.
In some cases, individuals choose a trusted attorney as the estate executor, a suitable solution to entirely avoid family feuds arising for any reason.
Other important things to do before you die include drafting a will, reviewing your documents regularly, and, most importantly, consulting an estate attorney or financial planner to assist with all the legalities around developing an estate plan.
