One of the most uncomfortable and heartbreaking experiences is losing a loved one, and it’s a sad event that can throw your life upside down.
This is when you’ll wish you had already established your legacy for your loved ones.
But. with a proper estate plan in place, the impact of handling your affairs will be made easier on whoever you leave behind.
Keep reading below. Here are the essentai steps to get your affairs in order.
Hire an Estate Planning Lawyer
An estate lawyer can help you identify who should inherit your assets and guide you through drafting wills and trusts.
You don’t need a lawyer for every step of the process, but having one for major decisions will save time and prevent costly mistakes.
Pick Your “Fiduciaries”
You need to choose the person who will fulfill your wishes after death. This could be an individual or an institution such as an attorney, trust company, or bank.
You should also designate one or more alternate fiduciaries in case the primary ones cannot act as executors of your estate due to death or incapacity.
Update Your Beneficiary Forms
If you have a will or trust, consider updating these documents.
For example, if you’ve recently married or had children since creating these documents, likely, they’re no longer accurate. So, update them with any relevant and appropriate changes.
Update the Deeds for Your Real Estate
Your real estate will be a substantial part of your estate plan, so it’s essential to ensure that you take care of it.
Having your lawyer draft a simple deed for each property you and your spouse own is teh easy way to do this.
This deed should be updated every five years, but only when there has been a change in ownership.
Having an attorney review rental properties will be a good idea if you own rental properties.
Organize Important Documents and Information
You can start by gathering all your essential documents in one place, making them easy to find.
This could include birth certificates, marriage licenses, passports, and social security cards.
You may also want copies of your will and power of attorney handy if you have them already or plan on making one in the future.
Final Thoughts
You may not be able to control life’s twists and turns, but you can now secure your family’s safety. It also secure you as well having confidence that they are protected should in case something happened to you.
The first step to keeping your affairs in order is to list all the things that need your attention.
This is where you will want to think about the following:
- Your financial accounts, including checking and savings accounts, credit cards, and any investments you may have
- Your health insurance information and any other insurance policies that are important to you
- Your contact information for family members and friends
- Your social security number and other government-issued identification numbers
Once you’ve made this list, it’s time to start organizing it so that it’s easy for anyone else who may need it to access it when necessary.
You can create an information binder or folder with copies of each item.
You must store this binder in a safe place, such as a filing cabinet or deposit box at your bank.
It’s also a good idea to keep one copy with your will or trust documents somewhere easily accessible such as a drawer or filing cabinet at home.
