It might be uncomfortable to think of the day when your sun sets, but uncomfortable or not, it’s greatly encouraged to be prepared for that moment as much as possible. We all have a say in when, where and how our hard-earned assets are distributed. With that in mind, take a look at these four steps to comfortable estate planning.
1. Pay All Your Bills Including Debts and Taxes
The beneficiaries of your estate will not see a dime until all your bills have been paid, this can’t be stressed enough. Take care of all your accounts so you take care of your loved ones. If you are deep in debt, chances are there will be little left of your estate for the people you intended to benefit once you pass.
2. Write a Will
While it’s obvious, it’s amazing how many people omit writing a will all together. Your estate and how it is distributed is and should be your call. Sadly many estates are left in the hands of lawyers and judges. A good written will guides how your estate is distributed and to whom specifically. To put it bluntly, you get to determine how your estate is used even in death.
3. Establish an Executor You Can Really Trust
Take careful consideration when deciding who is best for the task of executor. The trusted person should have the time, knowledge, skill and responsible attitude to carry out your wishes honestly. It’s often assumed the eldest child should handle this task, but it’s certainly not a concrete condition.
4. Properly File Important Documents
Keep all your valuable papers together. Insurance policies, wills, bonds, investment records, birth certificates, marriage certificates and social insurance numbers – make sure your family knows where they are.