If you're not sure where to start, this article offers some advice about preparing for passing on what matters most.
An estate plan outlines what happens to your assets and property when you die, including appointing the executor of your will and naming beneficiaries for insurance policies, bank accounts, and retirement plans.
If possible, provide contact details for close family members who may not be aware they are listed as emergency contacts with financial institutions or other service providers where personal information must be provided to them upon request.
A letter of instruction is typically left for family members to let them know what they can expect after you pass on, including how your assets are managed and any information that may help ease the transition into their new lives without you.
Discussing your options with an estate planning attorney is important to ensure you have the right plan in place that suits your needs. Also, creating an accurate list of all physical and financial assets can help family members access accounts, transfer money, or claim property without issue after you pass on.
Consider Leaving a Will
A will is a legal document stating not just how your assets should be distributed after you pass on, but also discusses animal care and even child guardianship.
It is an important document that will allow your friends and family to adequately mourn your death without having to worry about all the loose ends because you would have already dealt with that for them.
Create an Estate Plan and Gather Important Files
An estate plan outlines what happens to your assets and property when you die, including appointing the executor of your will and naming beneficiaries for insurance policies, bank accounts, and retirement plans.
This allows for the smooth transfer of your assets and often prevents unnecessary taxes upon your loved ones. Make copies of all vital records such as birth certificates, marriage licenses, and passports so they can easily be retrieved by family members in case there's a need for them later.
Provide Information About Next of Kin
If possible, provide contact details for close family members who may not be aware they are listed as emergency contacts with financial institutions or other service providers where personal information must be provided to them upon request.
Consider Leaving a Letter of Instruction
A letter of instruction is typically left for family members to let them know what they can expect after you pass on, including how your assets are managed and any information that may help ease the transition into their new lives without you.
Discussing with beneficiaries about who will inherit which accounts is important, so as to remove any confusion about where each account belongs once it comes time to transfer funds or close accounts.
Discuss With Your Legal Advisor the Best Options for You
Discussing your options with an estate planning attorney is important to ensure you have the right plan in place that suits your needs. Also, creating an accurate list of all physical and financial assets can help family members access accounts, transfer money, or claim property without issue after you pass on.
Another option is to set up a trust where certain assets are transferred to the trustee, and it dictates who administers the afore-mentioned assets for the beneficiary.
It is important to prepare for the passing on of your unique legacy and assets. Whether you have dependents or not, it is important to be prepared for when tragedy strikes. You may be and feel young, but we never know when it is our time to move on.
It is important to prepare for the passing on of your unique legacy and assets. Whether you have dependents or not, it is important to be prepared for when tragedy strikes. You may be and feel young, but we never know when it is our time to move on.
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