Where There's a Will, There's a Way

Write down what you own.

Maybe you’ve delayed estate planning because you aren’t sure what you own. You’re not alone! We often find that recording assets allows people to realize that they have more than they thought. Assets to consider include real estate, checking and savings accounts, retirement and life insurance accounts, investments, and personal property like furniture, tools, antiques, vehicles, business interests and more. Listing all assets and liabilities will help you work with an advisor to achieve your estate planning goals.

Know how property is transferred.

Some property is transferred by a will and others, like your retirement, life insurance and donor advised fund accounts, are transferred by beneficiary designations or other forms. These types of property have estate rules that supersede wishes in wills or living trusts, so they could transfer to the wrong person if not planned correctly. Be sure you understand the ins and outs of property transfer and review your plan at least every five years to accommodate for things like family additions, divorce or passing of a spouse, and new charitable giving plans.  

Sign your will and incapacity documents.

If estate planning still doesn’t feel like a priority, hear me out: Who do you trust to make decisions on your behalf? Estate planning isn’t just about your “stuff”—it’s about you. It’s important to put careful thought into who you can trust. It’s even more important to legally designate that person to carry out your wishes after your lifetime or make critical health or business decisions if you become mentally or physically incapacitated. Proactively planning can help you avoid the risk of a probate court making these decisions at a potentially costly price to your loved ones!

*This article is intended to share general estate planning information. Readers should seek professional guidance to understand the best plan for their individual needs.