Nobody likes thinking about their demise, but it is sure to happen someday. Regardless of the size of your estate, you should plan for it appropriately. After all, it will feel great to know that the right people will inherit your assets.
If you do not have a will, the authorities will have to determine who will inherit your assets. The law will distribute all your assets, such as pieces of jewelry or vintage cars, to your dependents or those whom you value the most. When drafting the will, you can ask for the assistance of an attorney from Day Shell & Liljenquist, L.C.
A living trust serves two purposes. One is to enable the owner of the estate to pass on assets without going through the probate procedure, which is expensive and time-consuming. The other is to delegate a qualified person to manage your assets in the event of incapacitation. Your trust is a shadow version of you because they can own all your assets. The best way is to make yourself the trustee and then appoint a successor to manage your affairs in your demise.
Retirement plans and life insurance policies are given to the beneficiaries whom you designate to inherit the assets directly, regardless of what your will states. That is why you should review and update the designations after significant life events. For instance, after you get married and have children, you can consider changing the beneficiaries.
Make a list of the things that you own and the related documents. Let them know where they can find crucial documents, such as birth certificates and title deeds. Consider including critical financial records, such as insurance policies, stock certificates, and retirement account statements.
Many people pay attention to financial matters that affect them in their lifetime, and they forget to plan for their estate. Having an estate plan will help prevent conflicts in your absence. It will ensure that only the people you love inherit your assets.