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
- 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.
- Do a thorough inventory of non-physical assets. IRAs and other retirement accounts, life insurance policies, bank accounts—all of these should be included.
- Put together a list of all existing debts. This should include mortgages, home equity lines, tuition loans, credit cards, medical debts, etc.
- 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.
- Send each of these lists to the administrator of your estate. Make sure your estate planning attorney has these inventories.
- Update your life insurance policies. Ensure that your beneficiaries are listed accurately.
- Assign TOD designations. Transfer of death designations can be added to bank accounts to ensure they are easily passed to your desired beneficiary.
- 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.
- Ensure you’re getting the right guidance. DIY estate planning is risky; working with an estate planning attorney ensures your wishes are carried out.
- 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.
