Begin Now
The process of estate planning can seem overwhelming, daunting or even macabre. However, it doesn’t have to be. Simply starting the process and either having assistance or breaking it up into small steps is so beneficial. The key to not procrastinating is beginning. The act of writing down the process means you’re taking the first step in estate planning. Grab a pen and paper or start to copy/paste on your personal device now!
Estate Planning Checklist
- Take inventory
- First thing, you’ll be visiting all of your accounts and gathering important information. Essentially, your assets, account balances, retirement accounts and any collections or personal possessions you may have.
- Account for current and future needs
- What will your family’s needs be when you’re gone? Do you already have life insurance? Who will be the guardian of your child or children? Don’t forget to have backups ready as well!
- Establish your legal directives
- Legal directives are legal documents that allow you to convey your decisions about end-of-life care ahead of time. These can range from power of attorney (or limited) to medical care directives. If appropriate, a trust can also prove to be a valuable tool.
- Review your beneficiaries
- This is important to review as sometimes it can change based on life circumstances. Have you recently married or divorced? Do you have a contingent beneficiary? Be sure to review all of your accounts, these can range from bank accounts, life insurance to work policies.
- Be aware of Texas‘ estate tax laws
- State laws can have a great impact on how taxes are calculated. Some states have estate or inheritance taxes that you’ll need to setup strategies for.
- Set a reminder to update
- As important as it is to create an estate plan, it’s also equally important to update it. This can happen when you have a major life change. However, you should always be checking your estate plan and inquiring about any new changes in law as well. As a plus, if there’s nothing to update, your estate plan “check-up” won’t take long at all!
Update. Then Update Again.
We cannot stress enough how important it is to update your estate plan. If you already have a plan in place, when was the last time you gave it a checkup? Perhaps you have a new grandchild, time to update. Maybe a family member is in need and it makes sense to designate them as your beneficiary now, time to update. There are a host of reasons to have a special moment with your estate plan. Show it some love. If you treat it right, it will be there for your family when they need it most.
Expert Legal Counsel
They count on you. Count on us for family matters. We provide expert probate, division of property, estate litigation and guardianship services. If you require assistance establishing a written will, our will attorney is here to help you as well. Reach out to us on our website, DM or call us today at 888-981-7509. Our team is a respected, highly skilled group of experts who are leaders in their fields who work to give you the protection you deserve.