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Your Quick Checklist for Estate Planning

Did you know that only around 45% of Americans leave behind a last will and testament?

While we may never like to think about it, estate planning is a very important part of financial planning. A complete estate plan can help take account of all your assets and belongings to properly manage what happens after you’re gone.

Planning what happens to your estate can get very tricky and complicated. This is why it’s helpful to keep a checklist for estate planning handy to make sure you don’t miss anything.

Looking for a quick checklist for estate planning? You’ve found it. Here’s everything you need to know to get your affairs in order.

1. Last Will and Testament

The most important part of estate planning is your last will and testament. This document should include a detailed list of all your property and assets along with how you wish to distribute them.

You should also name an executor to be responsible for carrying out the exact terms of your will. It’s also important to be incredibly specific so that nothing gets misinterpreted later.

There are also many different types of wills you can get, so be sure to go through the different options with your estate planner.

2. Designate Beneficiaries

There are quite a few assets that will need you to list clear beneficiaries. This is essential for assets such as pensions, life insurance policies, and 401(k) accounts. You can also choose a financial agent or institution to make financial decisions on your behalf.

If you would prefer to donate your money to charities, this should be included. Be sure to include details that specify exactly how much you want to give to each specific charity.

3. Finances and Insurance Policies

If you have any insurance policies or financial investments, be sure to keep a record of them stored safely with your will. This can help your family locate everything quickly and easily.

4. Digital Logins and Passwords

Modern times mean that you will also have to leave behind your digital logins and passwords. This will help your family log in to your bank accounts and handle your finances on your behalf.

5. Set Directives

Set clear directives as part of your estate plan. This can include healthcare directives to outline your medical preferences. You can also designate a healthcare agent or proxy to make health care decisions on your behalf.

These directives can also include funeral instructions. You can create a detailed list of your preferences to help take the burden off your family.

Use This Checklist for Estate Planning

Estate planning can be very complicated and complex. That’s why it’s important to keep a checklist for estate planning handy to help you get things in order. From creating a last will and testament to planning out your finances and insurance policies, estate planning can help you keep everything simple and organized.

If you’re looking for more helpful tips, you’re in the right place. Feel free to have a look through some of the other articles on our website.

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