![]() ![]() Organize and secure your estate planning documents.Update your estate plan every once in a while.Other Considerationsįinally, here are some other tips and considerations for your 2023 estate planning checklist: You can also change who gets what or how much a specific person receives. Relationships can change, so you may want to add or remove beneficiaries from your will. You can use this to-do item in the checklist to review and update your list if you already have beneficiaries. Having beneficiary designations ensures that your assets get divided accordingly once you’re gone. You can nominate whoever you want as a beneficiary, such as your children. Beneficiaries are the people you want to give funds or property to once you’ve passed away. You can also appoint beneficiaries in your will. If not, a beneficial option would be to put their inheritance in a trust, so they don’t have immediate access to it. Once you pass away, how will your assets be divided among your children? You may also think about whether your minor children are financially responsible enough to inherit your assets. If you have children, then it’s essential to consider their inheritance. Living wills ensure you get the care you need and want if you become incapacitated or can’t make decisions for yourself. Another example is determining whether you wish to pursue tube feeding and for how long in an emergency. A living will is a legal document that details your wishes regarding medical decisions. For example, you can decide whether or not you want to be an organ donor. While similar to a power of attorney, a living will is a different but equally important document. A financial POA allows someone to make financial decisions for you, while a medical POA allows someone to make medical decisions for you. Your POA can be any person you trust to take care of you in the case of incapacitation, such as a close friend, relative, or adult child. There are several types of POAs, but two common ones are financial and medical powers of attorney. With a POA, you’re giving an appointed person the legal authority to make decisions for you in case you cannot make decisions for yourself. Thoughts of incapacitation can be overwhelming, but it’s good to be prepared. #3 Set Up a Power of AttorneyĪ power of attorney (POA) is an excellent resource for ensuring you’ll be taken care of if you become incapacitated. Anyone can be your executor: a close friend, relative, or even your adult child. A trustee serves a similar function as an executor, for a trust. An executor is a person who carries out your will and goes through the probate process once you’ve passed away. Your executor should be someone you trust to follow the guidelines in your will. In your will, you can also appoint an executor of your estate. #2 Appoint an Executor of Your Estate or a Trustee of a Trust Already have a trust? Consider updating it. This is an effective way for many people to create an estate plan that provides a soft landing to surviving loved ones. A trust a contract with yourself or your spouse to retitle your assets into the name of the trust, so you can avoid probate. You could also consider creating a revocable living trust. You should reflect those changes in your will. As time goes on, your wants and needs change. Already have a will? Remember to update it. Thinking about death isn’t pleasant, but protecting your assets and-more importantly, your family-is crucial. A will is a legal document that states how you’d like to distribute your assets once you’ve passed away. ![]() If you don’t already have a will, now is the time to make one. ![]() Here are seven items to check off your 2023 estate plan to-do list: #1 Create or Update Your Will or Trust ![]() 7 To-do Items for Your 2023 Estate Planning Checklist Continue reading to view our 2023 estate planning checklist. Life passes by in a flash, so don’t wait to plan for your future. Maybe you’ve been thinking of some resolutions to commit to, and creating or updating your estate plan is a fantastic starting place. The start of the year is a great time to begin estate planning and getting your financial affairs in order. Just remember, as the new year comes and goes, it’s time for fresh beginnings. The holiday season is a joyous time, but it becomes overwhelming and stressful all too quickly. You’ve got a lot on your plate, from gift shopping and preparing large family dinners to ringing in the new year. With the holidays coming and going, you’re probably busy. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |