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Estate Planning Tips

We’ve enclosed a list that outlines some important estate planning reminders. If you haven’t reviewed your estate plan in the past year, now would be a good time to do so. If you don’t have an estate plan, please contact our office to find out why proper estate planning is so important. If you have elderly parents or siblings, discuss estate planning with them, as well!

  • A Living Will and Durable Power of Attorney are essential parts of any Estate Plan
  • Keep all important documents in a safe place (safety deposit box or a fireproof box)
  • Give a copy of your Living Will and Durable Power of Attorney to a trusted loved one
  • What’s on your computer? Who, besides you, can access that information?
  • Ensure a trusted loved one has access to your passwords and PINS
  • Indicate, in writing, what you want done with your social media accounts
  • Keep copies of bills from all creditors, utilities, insurance companies, etc. Place this information in the same place as your other important documents.
  • Make a copy of life insurance, retirement account, IRA’s, bank accounts, annuities
  • Inventory your household assets and attach a list of specific gifts to your will
  • Check the beneficiary designation of all of your life insurance policies, retirement accounts, investment accounts, annuities, etc. Make sure those designations are up to date, especially if you have gotten divorced or your spouse is predeceased.
  • Note: Before naming “my estate” as a beneficiary, make sure you discuss the ramifications with an attorney, accountant or financial planner.
  • If prepared properly, many of these types of assets are “non-probate” assets, meaning that they are not subject to the probate process
  • Make arrangements for your pets.
  • Preplan your funeral and burial/cremation.
  • Always keep an eye on the estate tax exemption. It is now part of the tax code, but with our government, you can never predict what will happen!

Proper Estate Planning will save your family time and money. Call our office for a free consultation.