Meta Description: Before any unforeseen circumstances happen, you should have your estate ready and taken cared of. Here are 10 things you should do to prepare your estate.
Now that you have a will, there are a few other things you should do to make sure your estate is properly taken care of. Estate Planning is one of the most important things you can do for yourself and your loved ones. It means that you have taken steps to make sure that your estate is handled in the way you want, and that your loved ones are taken care of after you’re gone.
Here are 10 things everyone should do to prepare their estate:
- Make a list of your assets and liabilities.
This will help you get a clear picture of your estate and identify any potential estate planning needs. Your assets and liabilities should be listed in order of priority, with the most important items at the top.
- Create an estate plan.
An estate plan will help ensure that your estate is distributed according to your wishes after you die. It can also help reduce estate taxes and other estate planning costs.
- Review your life insurance policy.
Make sure you have enough life insurance to cover your estate’s liabilities. Your life insurance policy can also be used to pay estate taxes and other estate planning costs.
- Review your retirement accounts.
Make sure you have named a beneficiary for your retirement accounts. If you don’t, the account will go to probate and may be subject to estate taxes.
- Name an executor.
An executor is responsible for carrying out the terms of your estate plan after you die. It’s important to choose someone you trust who is capable of handling this responsibility.
- Name a guardian for your children.
If you die while your children are still minors, you will need to name a guardian to take care of them. The guardian should be someone who you trust to raise your children in a way that you would approve of.
- Create a power of attorney.
A power of attorney allows you to appoint someone to make financial and legal decisions for you if you are unable to do so yourself.
- Create a health care power of attorney.
A health care power of attorney allows you to appoint someone to make medical decisions for you if you are unable to do so yourself. It’s important to choose someone you trust who will make decisions that are in your best interests.
- Store your estate planning documents in a safe place.
Make sure your executor and beneficiaries know where to find your estate planning documents. All your documents should be intact, up-to-date, and easy to find.
- Review your estate plan regularly.
Estate plans should be reviewed periodically, especially as your life changes. Changes in your health, wealth, or family situation may require that you update your estate plan.
By following these tips, you can ensure that your estate is taken care of in the event of your death. Contact an estate planning attorney in Fort Worth today for more information about estate planning and how to protect your assets.