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The saying goes that a cobbler's children have no shoes. But my own experience creating a product for estate planning and inheritance is yet to come My father's departure I have ensured for over a decade that I practice what I preach.
Because I know how important it is to formalize my wishes and information, I recently updated my estate plan. That's why you should update your device, too — or get it if you don't already have it in place.
Whether you are asset-heavy or asset-light, have many or no dependents, or have complex or simple affairs, putting an estate plan together is crucial to making sure your wishes are carried out and that your loved ones are not burdened. practical. Being organized now can help save your life Time for loved ones, money and sadness When they need it most.
The risk of dementia has doubled in people aged 55 and over, according to a new study
So, what should you consider or reconsider?
It is important to create a will and, if possible, involve your family in the process. (Istock)
First, make sure you have an up-to-date will. This will legally outline your wishes and make the process easier for your loved ones. From clarity on what happens to your assets and personal belongings to who gets your loyalty points, thinking ahead helps your loved ones carry out your wishes while reducing fighting between family and friends.
My suggestion is – if you have a family dynamic that allows for it – to include your loved ones in the process. This way, family members can express their concerns and thoughts While you are still alive They feel part of this process. In addition, some decisions may affect them directly, such as whether family members want to be buried close to each other and need to secure burial sites.
Or perhaps some family members feel more comfortable playing certain roles while other members do not want to take on the responsibility. A frank conversation can help solve this problem now when emotions are not in excessive tension.
While there are online options for getting a quick will, and that's certainly better than no will, you may want to contact an estate planning attorney, who can clarify the state's rules regarding estates. Attorneys can often provide strategies or referrals for information about tax planning and efficiency as well. They will also make sure you have the proper witnesses and documentation as required by your state.
My estate plan also includes powers of attorney for health care and personal property decisions. Powers of attorney give someone the power to make a decision on your behalf if you cannot make the decision yourself, for example due to an accident or other mental disability.
In addition to defining who plays this role, it defines the standards that person must follow. Your health care power of attorney can include directions about organ donation and burial versus cremation, among other health decisions and final wishes.
Although putting together your will and powers of attorney are great first steps, they will not cover all of your wishes and information. Think about your digital assets. What do you want your loved ones to have access to from your digital files, and what might you not want anyone to see? Want to leave a note on your social media account to alert friends who may not hear about something happening to you? This is something you can put directly in your will or place in the specified location within your Inheritance and Wishes planning group.
As you put this plan and related directions together, make sure your loved ones can find everything! It's no use having a will or power of attorney that no one can find! I Previously written About the Aretha Franklin saga, in which no will was found, several different versions then appeared, including one found in the cushions of her sofa. The ensuing legal battle took five years to resolve!
My suggestion is – if you have a family dynamic that allows for it – to include your loved ones in the process. This way, family members can express their concerns and thoughts while you are still alive and feel part of the process. In addition, some decisions may affect them directly, such as whether family members want to be buried close to each other and need to secure burial sites.
You want to make it easier for your loved ones to find your wishes, information and documents. Consider creating a complete set of legacy and wish planning tools, like my Planning Toolkit Future file A collection or similar collection that you have put together, which contains any information as well as anything physical that your loved one or the executor of the estate may need access to in one place.
This is where you should leave copies of your will and powers of attorney. If you don't want to physically put it in the collection, you can instead leave instructions on how to access it.
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I hear from people that things like safe deposit box keys are often a big challenge to find if they're not organized in one place, like an old toolkit. Sometimes, your loved one may not know how to contact an estate planning attorney, accountant, financial advisor, bank, or other key service providers. This information should also be in your collection as part of a comprehensive estate plan.
A side benefit of having this kit is that you have one thing to grab in case of an emergency, whether it's an accident, natural disaster, or otherwise.
How should you begin your estate plan or update? Consider getting a group like Future File that asks questions and helps you think about your desires. When requested, take this information to expert providers, starting with an estate planning attorney, to arrange your legal documents. Finally, make sure your loved ones have access to the information you can collect.
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Even though I had my estate plan and old toolkit set up a while ago, circumstances changed and I felt a great deal of relief after the update was completed.
Don't put it off – no one knows what tomorrow may bring, as we are constantly reminded. It will give you peace of mind knowing that it is taken care of and will save your loved ones a lifetime of grief, as well as a lot of time and money in their time of need.
