Create a valid will if you do not yet have one. A valid will may save your heirs from expensive headaches linked to probate. A solid will drafted with the guidance of an estate planning attorney will likely cost you a bit more than a “do it yourself will”, but may prove worth the expense. If you already have a will, review it for needed updates.
Complement your will with other important documents. This could include a trust, durable power of attorney, medical directive and living will. These documents can protect you in the event of incapacity or at the end of life.
Review your beneficiary designations. It is a good idea to check the documentation to verify who you have designated as your beneficiaries on retirement plans, annuities, and life insurance.
Create a list of assets and debts. Organize your personal information and tell your loved ones so they don’t have to follow the trail of bank statements, insurance policies, and bills. So much of what we do is online so you might want to share your passwords with someone you trust.
Talk to an experienced estate planning attorney. Do-it-yourself estate planning is not recommended. I have seen many mistakes that have cost families far more than documents prepared by an expert.
If you need advice on estate planning, call the Law Office of Debra G. Simms today at 386.256.4882
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.