I am at that time of my life where I see less of my friends especially since they aren’t around anymore, if you know what I mean. I have found myself spending more time with my doctor for this or the other minor issues and its getting a bit disconcerting.
No wonder I have been dusting the covers off my estate planning books. Its time for some estate planning and these are some of the things I am doing.
Estate Planning Tips
I have Updated My Will
There is nothing worse in some states than seeing the gov’t decide on who will do what with your hard earned property. Even worse is the infighting that can occur when things are not clear. That is why a will is important and essential for all.
Get a living will.
Make known the kind of medical care you wish to receive, and at what point you no longer wish to receive any care.
Appoint a durable power of attorney. Designate a trusted person to handle your financial affairs if you ever become incapacitated.
Update your beneficiary forms
All those boring forms that you signed when you were younger can come back to haunt you late. Make sure that all your beneficiary information in insurance policies, investments and such documents are updated accordingly.
One more thing, keep a copy safely somewhere to avoid mischief.
Review the Legal Status of your Property
The legal status of your accounts, home, and other assets will also determine whether they bypass probate and a will. For example, an asset that is “joint tenancy with rights of survivorship” will become the sole property of the surviving co-owner(s) when another co-owner dies. That automatically disinherits other heirs from that asset, which may or may not be what the deceased intended.
In fact, if you have any equestrian apparel you have a right to take note of it.
I will be adding more stuff tomorrow on the things you need to do to make sure that your estate planning gets off on a sure footing.