Debt owed to you, including the borrower's contact information.Digital assets such as crypto or virtual currency, stablecoins, and non-fungible tokens - NFTs.Social Security, other government pensions and their monthly or annual benefit.Employer sponsored retirement plans or pensions.Safe deposit box, its contents and location of the key.Be sure to note account numbers and policy numbers. When you make a list of your assets, include property as well as all your financial assets. Include lists and notes for items in the categories below. Start a folder of written or printed documents. Take time to create an itemized list of all your assets and liabilities. You may have a pretty good idea about what you own and what you owe, but your family may not know about every little thing. Take inventory of your assets and liabilities. Read on for five key steps toward drafting an effective estate plan. While your goals may be simple, you can employ lots of strategies to achieve them. Second, they want that to happen with minimal expenses and taxation - both while they're alive and after they die. First, they want their belongings and property to be distributed according to their wishes. To learn more about Argent Bridge, call us to schedule a consultation at (833) 568-4900.Most people's estate-planning goals come down to two things. The professionals at Argent Bridge Advisors can advise you regarding the best practices for estate planning. Regularly updating your estate plan will ensure that your legacy goes to the intended recipients. Changes will not be made unless you initiate them. Once you’ve finalized your plan with your attorney, you need to only periodically update your estate plan.ĭo this when there is a major life change (marriage/divorce, birth/death, etc.) and update your beneficiaries as needed. Copies of these documents need to be kept in your records. This essential task may be overlooked once you’ve completed your estate planning checklist.Īssets included in living trusts need to have their titles changed to reflect an ownership change. Make sure beneficiaries are consistent with your estate plan by checking your insurance and retirement accounts. Not doing so may disrupt the transfer of these funds to the intended recipient. This will include setting up trusts, creating medical and financial powers of attorney, if needed.īear in mind that living trusts need to be funded immediately in order to take effect. Meet with your attorney and finalize your estate plan and will. To whom will you give the responsibility of distributing your assets?.Who will manage your affairs in the event that you’re incapacitated?.If you have minor children, whom will be their caregivers? How much will they need to be cared for in terms of education and day-to-day expenses?.To whom do you want your assets given? In what percentages?.Consider these questions as your meeting approaches, noting any answers you’re unsure about. Set a date to meet with a lawyer thatspecializes in estate planning. Once you’ve done this, you’re ready for the next part of the four important estate planning factors. List the locations of valuables and safety deposit boxes & contents.Liabilities including mortgages, lines of credit, & any other debts.Insurance policies, their payouts, & death benefits.Statements from bank accounts , retirement accounts, & investments.Values of your home & any other real estate.Let’s take a closer look.īefore you can protect your legacy, you will want to know what documents are needed for estate planning. While the business of estate planning may be daunting, we’ve created a checklist that highlights the most important tasks.
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