Do You Think Everything Is All Set with Your Estate Plan? Many people would like to believe that estate planning is simple, and that once you sign everything you’re finished. Not so. There are other things to consider as part of the process, and topics that need to be revisited over time.
When you pass away, your executor will typically have many tasks to handle to settle your estate. Anything you can do in advance to add clarity and lessen the burden on her work is wise. MarketWatch’s recent article entitled “Why your estate plan is not as buttoned up as you think it is” gives us a list of seven items to review to be certain that your estate is as planned as you think:
Check to make sure your will is up to date. That’s assuming you’ve written your will (and if you haven’t, get on it!). How long has it been since you drafted it? Think about any major changes in your life that have happened since that time. If things have changed, be sure to update it.
Check to make sure that your will is sufficiently detailed. Most people think about the big stuff in their estate, like the house, car and jewelry. However, you also need to provide directions for items with sentimental value. This will help to avoid family fighting over these items. Leave directions about who gets what, even if these items of sentimental value don’t have a high dollar value.
Check to make sure that your will spells out your wishes in a way that’s legally binding. Every state has its own laws, when it comes to the requirements for a valid will. Work with a seasoned estate planning attorney to make certain that your will is valid. You can also let them do it, so you don’t make a mistake that could lead to problems for your executor after you’re gone.
Check to make sure that your will has your funeral plans sufficiently detailed. Don’t force your grieving family to plan your funeral and try to guess your wishes at the same time. Preplan your funeral. Funeral directors are happy to talk to you to preplan. Leave instructions regarding your wishes, including whether you want to be cremated or buried in a casket; the services you’d like and if you’d like charitable donations to be made in lieu of people sending flowers.
Be sure that your financial affairs are organized. Your executor will need to know about your typical monthly bills. Make a list of your account numbers and passwords to simplify your executor’s job. Be sure to include automatic deductions or charges on your credit card for things like internet-based subscriptions, club memberships, recurring charitable donations and automatic utility payments.
Make arrangements for the care of your family members who survive you. If you’re a caregiver to a parent, spouse, child, or another family member, create a detailed plan concerning who will take over their care, if they outlive you. Don’t forget your pets, since the laws on the care for animals contained in a will are different in each state. It’s a good idea to make your loved ones aware of your wishes for your furry family members.
Thorough estate planning will help ensure that you family has less to deal with in their grief. Anything you can do to help them get through that difficult time by managing your affairs today is a great gift to them. So, Do You Think Everything Is All Set with Your Estate Plan?
Reference: MarketWatch (March 4, 2020) “Why your estate plan is not as buttoned up as you think it is”
Read more realted articles at :
Estate Planning: Your Need-To-Know
An Estate Plan For Every Stage Of Life
And read one of our previous Blogs at:
Do I Need to Update My Estate Plan if I Move to a New State?
Estate Planning Is For Everyone