The goal of Estate Planning is to create a plan to assure your desired future life.
To make that happen, you must take steps that you cannot delegate to your attorney, financial planner or CPA. We call these steps “Homework”.
What “Homework” is required to meet your planning goals?
- Select the individual agents you want to sign your checks and do other modest business for you when you are unable to help yourself due to an accident, illness or dementia.
- Select your agents to make health decisions for you when you are not able to communicate your health wishes.
- Coordinate your titled assets with your estate plan. What are your titled assets? They include vehicle titles, deeds, bank accounts, life insurance, retirement accounts, annuities, mutual funds, brokerage accounts, stocks, bonds, partnerships, Limited Liability Companies, vacation timeshares and any other titled asset. How can you coordinate these assets with your plan? Before you get started, consult with your estate planning attorney to be certain you have the proper titles on assets or the right beneficiary designation.
- Coordinate your untitled assets with your estate plan. These assets include the “stuff” in your home, such as a ring or gun. If you want a particular item to go to a person, it is necessary to take legal steps to assure that person receives the item. Your estate planning attorney will work with you to help. Untitled assets also include “Crypto assets”, such as Bitcoin. This is an asset that is easily lost after death. It is critical to take the necessary steps to assure this asset remains part of your estate.
When creating your best estate plan, you need to do your share of the work in coordination with your attorney to have all the right documents. It may seem like a lot of work at the beginning, but once it is done, you will have the peace of mind that you have a plan with all the pieces in place to accomplish your present and future goals.
NEW!! “Beyond Retirement” Learning Series. Free short virtual episodes. Episode 13: “The Dangers if you Fail to Coordinate Your Assets With Your Estate Plan” will be available on Wednesday, August 25 from 8:00 a.m. to 10:00 p.m. and on Saturday, August 28 from 8:00 a.m. to 10:00 p.m.
To register, go to senioredgelegal.com/beyond.
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