Want to become more in control? Get that estate plan in order.
When it comes to investments, the risks involved can make us feel we are not in control. However, if you want to feel more in control, take a good look at your estate plan, according to the Daily Camera in “Freaked out about the market? Resolve to get your estate in order.”
If you care about your health care, financial affairs, minor children and even your beloved pets, this is an important task to take care of. An estate plan includes legal documents that help you when you are living and helps your heirs when you die. In addition to a will, powers of attorney will give your loved ones the ability to manage your affairs if you become incapacitated. An updated will ensures that your assets go to the inheritors you choose.
Don't forget your death beneficiaries. Your death beneficiaries are the people who are named on accounts and life insurance policies. You may have named people on investment accounts, life insurance policies, IRAs, bank accounts, annuities, and other assets. If you have not done a full review of those documents in a while, you want to take care of this right away. Life and relationships change over time, and the people you originally named as your beneficiaries may no longer be the ones you would select today. Note that any changes must be made while you are living—when you pass, the beneficiaries receive the asset, regardless of what is written in your will.
If you're not sufficiently motivated to make an appointment with an estate planning attorney, you should be aware that if you don't have a will, the laws of your state will determine who gets your assets and even, lacking a will that names a guardian, who rears your minor children. You may or may not be a fan of court proceedings, but if you don't have a properly prepared will, the court is going to be making a lot of decisions on your behalf.
We can advise you in creating an estate plan that fits your unique circumstances.
Reference: Daily Camera (Jan. 6, 2019) “Freaked out about the market? Resolve to get your estate in order”