Have you designated beneficiaries for all my assets?
When you name a beneficiary for an asset, it transfers upon your death to the named person. Many types of accounts allow this; investment accounts, IRAs, retirement accounts, life insurance policies, etc. Beneficiaries are very important when trying to avoid probate.Have you made a will?
A very basic step in anyone’s estate. Any asset that does not have a TOD, POD, a beneficiary, or other instructions at the time of your death, will pass through probate. A will helps guide that process; it states your ‘will’ of your assets.-
- Make sure your executor has a copy of the will
Completed a financial durable power of attorney form?
Appointing someone to help with your financial affairs due to incurable injury, disease, and illness. This form designates a person who will be legally authorized to manage your financial affairs.-
- Make sure your financial power of attorney has a copy
Completed a medical durable power of attorney form?
Appointing someone to help with personal matters: health care, medical attention, personal care in the event you become unable to take care of yourself.-
- Make sure your healthcare POA has a copy
Completed a living will?
How do you want the last days of your life to end? Suffering from incurable injury, disease and illness is a tough choice on finances and your family.
Have you considered a living trust?
This document is akin to a will but is a trust to help guide your assets after death. You also gain the advantage of instructing your assets while you are alive (but maybe ill or incapacitated).
Joint ownership?
Many assets can pass to your spouse and avoid probate if jointly titled. These assets are commonly your home, vehicles, and various accounts.
Decide whether you want to make charitable contributions.
Your will or trust may include charity, take other steps to create a foundation or a charitable remainder trust.
Estate Tax
It can be expensive to die. Not kidding. Maybe sure your life insurance and estate tax situation is reviewed. Your heirs will thank you.
