Client Tip for July 2015: Estate Planning Tips

 In Client Tips

Estate Planning Tips

There are many things you should do now to make things easier for your heirs upon your death. Make a list of all your important papers (include:  bank accounts, brokerage accounts, life insurance policies, etc.). Be sure to give a copy of the list to a family member or your estate administrator. Keeping a copy in your safe deposit box or a safe place in your home is also recommended. Also having these items organized will help your attorney when preparing or updating your will and revocable living trust.

While making the list, check to see that all beneficiary (successor beneficiaries and per stirpes) or transfer on death designations are up to date. Have there been any births, deaths, or name changes since the designations were first put on the account?

Also make a list of all credit cards and other debts that you may have. This will allow your heirs to see that all of these are properly paid and to close any accounts not in use.

While organizing your information, be sure to properly destroy any papers that are no longer valid. Consolidating your information to only include current information will assist in finalizing your estate.

There are more things that may need to be done such as updating the following:  1) will, 2) healthcare directive, 3) HIPPA release, 4) durable general power of attorney, and 5) revocable living trust. You need to start your planning today to ease the burden for your family.

E-mail and we will send you a guide for preparing your estate planning records.

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