Proper Estate Planning

Picture of Kyle E. Wright
Kyle E. Wright
6/10/22 1:06 PM
Tags: Estate Planning

What is Estate Planning?

Before you leave behind everything you own, most people draft a will to ensure their estate is distributed correctly to their surviving family and friends. This preparation of tasks that serve to manage your asset base in the event of incapacitation or death is called Estate Planning. But there is actually much more that needs to be taken care of. If you want to ensure that those you leave behind do not have to deal with more strife while mourning your passing, here are some steps you should take!

Planning for what happens to your estate

Of course, a will is still necessary, but you must identify all your assets before you can make a valid will. Assets include all the physical items you own and more intangible things such as bank accounts, IRAs, stocks, etc. Likewise, you should also record your outstanding debts that need to be taken care of even after your passing. Your assets should then be reviewed, especially those passed on to your inheritors, such as retirement accounts or life insurance policies. Some assets can be set up to be transferred to your desired inheritor upon your death, such as bank accounts and individual brokerage accounts. One other thing you should take stock of is all the organizations of which you are a member. Some offer benefits that can be passed to your beneficiaries. So, ensure the proper steps have been taken to make that transition go smoothly.

Proper Estate Planning

Who should be involved in my estate planning?

Another critical component of estate planning is the other individuals you require to complete the process. You will need two non-related witnesses and a notary when you sign your will. Someone you should ensure is picked with care is your estate administrator. This person will be in charge of administering your wishes once you pass. While your gut reaction might be to pick someone close to you, such as a spouse or sibling, this is usually a bad idea. They are much more likely to be very emotional due to your passing. Someone who is not required (but is an excellent idea) would be an estate attorney, financial planner, or some other type of professional who can help you sort out your estate planning. Plus, they can be a great source of help in drafting your will, simplifying your finances, and informing you of aspects of the estate planning process that you forgot about or were not aware of.

Ruck & Wright can absolutely take under such a feat. (Just reach out!)

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Ensure you have back-ups

One last tip (applicable in many scenarios just as much as this one) is to make copies and store them in more than one location. Of course, the official original signed will is required, but you should keep copies of it and any other necessary documentation in secure sites and with people who would need to reference such documents. Be sure that if something happens and the place where you have the original copy gets destroyed (like in the event of a house fire), then a copy is in a safe but different spot so that you have something until you can get a new one drafted.

No one likes to think about their death, but it is something that we should all be prepared for. Not doing any preparation is a disservice to anyone you care about who will carry on after you are gone.

Author: Kyle E. Wright     Published: 6/10/22 1:06 PM     Tags: Estate Planning


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