Few people like confronting their own mortality. So they put off estate planning, only 32% of Americans have a will. But protecting your assets and wishes with a few key legal moves now spares loved ones painful problems later.
Take Inventory of Your Assets
List everything of monetary and sentimental value you own – real estate, accounts, investments, heirlooms. Knowing the scope of your estate lets you efficiently plan its transfer upon your death. Take a full inventory of all your assets, including:
Real estate: List all property you own, including your primary residence, any rental properties, vacation homes, land holdings, etc. Detail property locations, approximate market values, co-owners if any, and beneficiary transfer wishes.
Bank and investment accounts: Compile a thorough list of checking/savings accounts, retirement accounts, college savings accounts, brokerage investment accounts, bonds, stocks, and any other financial assets. Note beneficiaries named on accounts if any.
Personal property: Catalog valuables like vehicles, jewelry, art, collectibles, antiques and any other tangible items that may hold monetary or sentimental worth. Also list who you wish to receive specific items if possible.
Life insurance policies: Document details of active life insurance policies including death benefit amounts, premium costs, named beneficiaries and planned allocation of payouts when you pass away.
Business holdings: If you own all or part of a business, detail succession plans spelling out who inherits and manages your share and leadership responsibilities when you die.
Completely documenting the full scope of your personal and business assets allows maximizing the efficiency of your estate plan to cleanly transfer each possession according to your wishes after you pass away.
Digital Assets Inventory
Digital assets have become increasingly important to include in estate planning. Catalog and provide instructions for assets like:
Online accounts:List login credentials, account recovery info, and designated inheritors or someone who would delete the account for key online accounts including email, social media, cloud storage, subscription services like streaming media and more.
Domain names and websites: Detail who should retain ownership of websites and domains you’ve registered along with hosting providers and renewal info like domains purchased through GoDaddy or managed WordPress sites hosted at Bluehost.
Social media profiles: Identify who should memorialize, delete, or inherit management of your profiles. Specify your wishes for things like setting a Facebook profile to a “memorialized” status vs having someone take over posting and responding to messages as you.
Rewards programs: Note points balances and transferability policies for airline miles, hotel points, credit card rewards programs, and other travel perks accounts, so heirs can inherit remaining rewards.
Digital assets:List associated passwords so trusted individuals can access and properly handle distribution of any cryptocurrency holdings, digital media downloads, software licenses, online gaming profiles or other online purchases or virtual items which may have financial or nostalgic value.
Clearly detailing your digital assets and future custody wishes helps prevent online portions of your estate from getting mishandled or lost forever.
Set Up Your Will
A legally binding will prevents the state dictating who inherits your estate. Document clearly who controls assets, becomes guardians of minor children, and more after you pass.
The following is a DRAMATIZATION AND IS NOT AN ACTUAL EVENT: For example, we recently helped a client with adult children from 2 marriages set up a will. She wanted her first husband to receive a family cabin, while the rest of her assets went to her second husband and their shared children. We helped craft this customized distribution of her wealth.
Form a Trust
Trusts let you place assets in management for heirs’ benefit without probate. You dictate exactly when and how recipients inherit from the trust long after you’re gone.
Outline Healthcare Wishes
Make legally-binding advanced care directives for if you can’t make medical decisions yourself, including designating power of attorney and healthcare preferences.
Get Life Insurance
Life insurance provides funds your beneficiaries need to cover taxes, debts and more financial obligations without liquidating other assets after you pass away.
Organize Vital Documents
Keep documents like deeds, account info, insurance, and digital assets in one secure, accessible place so all is easily found when needed to execute your estate plan.
Work with an Attorney
While do-it-yourself kits exist, complex family dynamics and tax issues often benefit from specialized legal guidance in setting up your estate plan.
Imagine Your Family Protected Thanks to Proper Planning
With comprehensive plans legally spelling out your wishes, asset distribution, and healthcare preferences, you gain priceless peace of mind knowing you minimized troubles for grieving loved ones.
Schedule a Consultation to Start Your Estate Plan Today
Take control now over what happens later with legacy protecting legal strategies tailored to your unique circumstances and goals. Contact us to start the conversation.
FAQs
1. Do I need an attorney to create an estate plan?
No, you can use online templates or software, but attorneys fluent in your state’s laws help create more ironclad plans less vulnerable to challenges.
2. Can I change my will?
Yes, you can update your will if circumstances change. Best practice is revisiting it every few years as your family, assets, and wishes evolve.
In Closing…
None of us know how many days we have left. Yet by planning now with the counsel of compassionate legal experts, you secure your family’s future and leave a meaningful legacy. Don’t put this off another year – start crafting your estate plan today!
Call our Riverview Office at (813) 850-0025 or our Wesley Chapel office at (352) 514-6865 or complete our online intake form to schedule an initial consultation.
Our estate planning lawyers have experience helping families protect assets across generations. Contact us today – let us help you provide for your loved ones long into the future.
