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Planning and strategizing is crucial in the wake of uncertainty that the COVID-19 pandemic brought with it. Readers with legal questions should consult with an attorney prior to making any legal decisions.Updating estate planning strategies is not the most enjoyable things on Earth, but that is precisely one of the activities every responsible person should be doing around this time of year. *This article is very general in nature and does not constitute legal advice. You can learn more about our Estate Planning Attorneys here. When you are ready to plan your estate, you should seek the advice of a qualified estate planning attorney. You’ll get the most value out of your estate plan when you act with expediency and review your plan periodically. For these reasons, it’s best to regularly review your estate plan every few years to make sure it always adheres to your desires.Įstablishing an estate plan that reflects your wishes for when you pass will empower you with the knowledge that your legacy is secure. Even if your situation hasn’t changed, the laws may have. Your priorities for your estate can change over time as well as your relationship dynamics with your beneficiaries. It’s best to think of your estate plan as a living thing that can evolve rather than being something that’s static and unchanging.
ESTATE PLANNING CHECKLIST UPDATE
Regularly review and update every few years This includes your spouse, children, the executor of your estate, or anyone else whom you trust and who would have an interest in your estate plan.
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Once all of the documents for your estate plan are in order, make sure that all of the key people in your life know where you keep your originals and copies. Furnish all important documentation to key people We’ve covered wills and trusts in greater detail on this blog before and we recommend you read this post for more information. Trusts may also reduce your taxable estate so you may end up paying less in taxes overall. For instance, a condition for distributing assets to a child could be that they have to finish school. They may be more flexible in managing how certain assets will be distributed. Trusts differ from wills in that they allow you to protect yourself and your family from the probate court system. Remember though, a will is only effective when you die and must be probated. Of course, these should be people whom you trust completely. Wills also allow you to name guardians if you have minor children and an executor who will oversee the distribution of your assets. Wills let you indicate what you want to happen to your assets and who will receive them after you pass on. This way, you’ll have a clear picture of the total value of your estate with all of the information organized at your fingertips. Next, add up all of your debts and liabilities including mortgages, car loans, student loans, and credit cards. You should also take this opportunity to update your beneficiaries.
ESTATE PLANNING CHECKLIST PLUS
This includes homes, real estate, cars, boats, and jewelry as well as stocks, bonds, retirement accounts, insurance, social security information and bank accounts, plus anything else you have of value. Take stock of everything you own that’s of value including both physical and non-physical property.
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The less pressure you feel to make decisions quickly, the better your choices will be, and the more opportunity you’ll have to adjust your plan if necessary. The most important part of estate planning is to get started as soon as possible. Here are five steps to follow as you craft your estate plan: 1. The estate planning process helps you take stock of your possessions, assets, and debts as well as the emotional value of your legacy, and best of all, it doesn’t have to be a complicated or stressful process. Having an estate plan can also give you the opportunity to reduce your taxes, lower your financial anxieties, and simplify your life overall.
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One of the best parts about having an estate plan in place is the peace of mind that comes with knowing your family is protected.