Estate Planning Checklist: Important Steps That Are Must Dos

Procrastination is a natural thing. We, as human beings, procrastinate a lot – even when it comes down to the simplest things. However, the one task you should avoid procrastinating is Estate Planning.

Estate planning is way more than drafting a simple will. It is a detailed document that contains vital information regarding your assets and who the rightful owner of those assets will be following your departure. With the help of estate planning, one can ensure that such matters will be resolved quickly as the transfer of those assets will go as smoothly as possible. Furthermore, along with implementing your estate plan, you can make sure that others understand your wishes and follow them accordingly.

With the assistance of a legal counsel such as Paul V. L. Campo attorney at law, you can make sure that every aspect of your estate is taken care of even after you are gone. Keep reading to find out the important steps that are must do when it comes to estate planning:

1.     Itemize Your Inventory

The first thing you need to do is comb through the inside and outside of your home. Jot down everything you consider valuable and assort it in an orderly manner. By itemizing your inventory, you can make sure that your valuables are accounted for. For instance, items like television sets, jewelry, vehicles, art, computers/laptops, and other times found inside a home. As for the outside items, you can list items like power tools and equipment in general.

Although this sounds like a lengthy and time-consuming chore, you will be glad that you did it. You can even add notes next to the items containing details of who the next owner will be.

2.    List Your Non-Tangible Assets

When you are done with the physical assets, you should start writing down your non-physical assets. It includes things that you own on paper. Even those entitlements that you will receive following your death. For instance, brokerage accounts, IRAs, bank accounts under your name, life insurance policies, health insurance, and other policies.

To make things easier, you could include all of the account numbers. It is also a good idea to write down the location of any physical documents in your possession. Furthermore, the contact information of the firms holding your non-tangible assets should be provided, too.

3.    List Your Debts

In addition to your assets, make a separate list of your debts. It should contain necessary information regarding open credit cards along with any other obligations you have. These obligations include items like loans, mortgages, and any other types of debt you might owe. It would be wise to add details, too. Additionally, make sure you add account numbers, the precise location of contracts and agreements, and the contact information of the companies you owe debts to.

4.    Choose a Reliable Estate Administrator

You must choose a trustworthy estate administrator or executor. A strong-minded person with undeterred determination should be the kind of person you must select. Do not immediately select the person closest to you – especially your spouse since you need to be mindful of how they might react when you die.

5.    Review Your Documents

Life is not promised. Aspects concerning your life will change regularly along with your assets and wishes. That is why it is crucial to revisit your will for updates at least once every two years. Updating your will after significant life-changing events such as marriage, divorce, the birth of a child, death of a loved one is also very important. Be certain that you are not leaving behind any loose ends.