Tips for Helping You with Easier Estate Planning
Dec. 15, 2013
It is easy to put off estate planning, since it is a topic that no one wants to think about. The whole idea of estate planning is that you are organizing your assets to leave behind for your family members and loved ones, and more often than not, it is left until the last minute.
Naturally, you should take care of your estate as early as possible, and here are a few tips to help you ease into that process.
The first thing you need to do is create what is called a Master Information Document (MID). The MID, in its simplest sense, is a list of all your accounts and how to access/close the accounts. This will be the #1 handiest tool for whomever you leave in charge of your estate. Luckily, creating one is easy as well. All you need to do is find a safe fireproof place and list out all numbers and passwords associated with all your accounts, all your debts/assets, a copy of your will or living will, and any other pertinent documents.
The next step to ensure you take is to buy a term life insurance policy if you have any dependents you’re leaving behind. Don’t take any fancy upselling from insurance salesmen, though, the only thing you need is a simple term policy that lasts long enough for any dependents you have to be independent by the time the term is up.
Finally, you will want to make sure you write out a will. This will prevent any squabbling over who gets what possessions, as well as any other personal assets. If you don’t write out a will, it will be up to your family members and the court system to divide your belongings, which puts quite a big burden on everyone. Also make sure that you include all your guardianship plans in case you have young children. Who will be raising your children is a very important decision, so make sure you discuss it with all parties.
Estate planning is not exactly the most exciting thing to do, but it’s very important, and a huge weight will be lifted off your shoulders once it is done. If you have any questions at all about estate planning, please contact your attorney right away.