You will need to know the property you can transfer to someone else and the value of the transfer you are making. Once you know what you want to accomplish and the resources you can use to accomplish it, you should identify all the property you own and the value of each item. It may be wise to speak with a professional to learn what resources may be best for you to consider. It simply indicates that there may be more options available to you for accomplishing your estate planning goals than you realize.Ī big part of having an effective and comprehensive estate plan is making sure you use all the resources available to you for transferring your wealth effectively, according to your wishes, and as inexpensively as possible. If you could not answer at least three of these questions, that does not mean you should not have an estate plan. Once you have signed a will, can you ever revoke it?.Are you required to divide your estate evenly among your children?.Who is the beneficiary of your life insurance?.What is the responsibility of an executor?.If your answer to more than two of the questions is, “I don’t know,” you will probably want to make an appointment with an attorney or estate planner to understand the purpose of some of the documents you may need to consider in your estate plan. This will depend on how comfortable you feel drafting your own documents and determining which resources you need.Ĭonsider the following questions. Get Professional Assistance and Adviceīefore you sign legal documents and dispose of property, decide whether you want to seek professional advice about completing your estate planning. » MORE: Planning doesn't have to be complicated or expensive. Give thought to whether you want to make any charitable contributions.Think about whether there is anyone you think should not have access to your money or property.Pick someone you want to handle your affairs after your death.Decide who should receive your property.Decide whether you’ll need a steady source of income after you retire.Determine whether you or your spouse will need long-term healthcare.You may need to use different resources for transferring or preserving your assets. Your Estate Planning Goalsįirst, you must know your goals. We’ll help you address these questions and more your estate planning checklist. Revise Any Documents Whenever Necessaryīut how do you know when your estate plan is complete? What are the necessary parts of an effective estate plan that will accomplish the goals you have set for your long-term financial and medical needs? Which part of the plan should you do first?.Provide Access to Digital Assets and Online Accounts.Assess the Tax Consequences for Any of Your Estate Plan Options.Anticipate Future Health Care and Medical Needs.Take an Inventory and Value Your Estate. You don’t want your family to worry about what property you own, whether you had a will, what bills need to be paid and more. Have you done everything you can to provide for your family after your death? You might not like to think about it, but you want everything for your family to go on as smoothly as possible after your death.
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