1. List your assets
By laying out everything you own in a list, it’ll help you visualize and organize what you have. It’ll also help your loved ones track down your accounts and properties when it’s time to administer your estate.
2. Choose your agents
Choosing who will step in for you when you’re unable to make decisions is incredibly important. Choose someone that you trust to handle your finances responsibly and be sure to name a back-up in case they’re unable to act as your agent when the time comes. It’s also a good idea to have a discussion with your agents before it’s time for them to act. If you’re not sure who to have act as your agent, professional fiduciaries are an option. And of course, you can talk to an Estate Planning Attorney about your options.
3. Decide who gets your belongings
If you have specific items you want to give to specific people, be sure to have that designated. Also think about how you want your home and bank accounts divided amongst your loved ones.
4. Meet with an attorney
Schedule a consultation with an Estate Planning Attorney. Consultations with Brown Legacy Law are free.
5. Keep your plan updated
Like a car, your estate plan needs to be tuned up every so often. It’s best to update your estate plan when there are major changes (marriage, divorce, birth of a child, when all kids are over the age of 18, etc.) and at least every 3 but no more than 5 years to ensure your estate plan is in line with your lifestyle and to update for any laws that may have changed.
When you take the five steps above, your family won’t need a Ouija board to carry out your wishes!
Schedule a consultation today to discuss your options.