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10 Estate Planning Steps You May Have Forgotten

Estate planning encompasses many different goals—expressing your end-of-life wishes, protecting your legacy, providing for your family, and ensuring the continuity of your business, among others. It’s easy to neglect some key steps in the estate planning process; here are 10 smaller concerns you’ll want to make sure you remember.

Estate Planning Reminders

  1. Do a thorough inventory of your physical assets. It’s not just about money in the bank, but also about tangible valuables—jewelry, electronics, power tools, vehicles, etc.
  2. Do a thorough inventory of non-physical assets. IRAs and other retirement accounts, life insurance policies, bank accounts—all of these should be included.
  3. Put together a list of all existing debts. This should include mortgages, home equity lines, tuition loans, credit cards, medical debts, etc.
  4. Compile a list of the charities and non-profits you support. Make it easy for your family members to continue your giving, to the causes that mean something to you.
  5. Send each of these lists to the administrator of your estate. Make sure your estate planning attorney has these inventories.
  6. Update your life insurance policies. Ensure that your beneficiaries are listed accurately.
  7. Assign TOD designations. Transfer of death designations can be added to bank accounts to ensure they are easily passed to your desired beneficiary.
  8. Choose the person who will administer your estate. Select someone who’s level-headed and responsible, and preferably someone who’s had experience with trusts and estates.
  9. Ensure you’re getting the right guidance. DIY estate planning is risky; working with an estate planning attorney ensures your wishes are carried out.
  10. Ask what you need, in addition to a will. Everyone needs a will, but often, your attorney will recommend supplemental documents, such as a trust.

For guidance through these and any other estate planning actions, reach out to the estate planning lawyers at Singh Law Firm today.

Contact a Fremont Estate Planning Attorney
if you would like to discuss the advantages and disadvantages of a revocable living trust.
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