You don’t know how long you are going to live. A sudden demise might bring several problems related to your estate including its transfer and related family feuds. That’s the reason estate planning is an essential thing to do. Before you die, you should make sure to contact a professional for estate planning and advice.
Here is a list of 6 important things to do before you die:
Itemizing the inventory
This is something you can start with as it is easy and less time-consuming. It will just take a few minutes to go through your house and list down the valuable items owned by you. The list includes everything you have in the house such as your TV set, art pieces, vehicles, tools and equipment, jewelry, computers, and more.
Listing non-tangible assets
The next thing to do is creating a list of non-tangible assets. These things include basically everything owned on paper. You should list down your bank accounts, life insurance plans, brokerage accounts, and other important assets. Many accounts offer the option of transfer after death so you can do that as well.
Creating a list of debts
Do you have any obligations? The list should include mortgages, auto loans, and all the other types of debts. You should remember that you can always reach a professional for risk management and advice. You should also not forget to write the location of all the physical documents and copies, if any.
Creating copies
Once you create the above three lists, you should sign them with date and make a few copies. You should give one of these copies to your estate administrator, another to your spouse, and keep one for yourself.
Finding an estate administrator
Now is the time to find a responsible estate administrator. After all, he will be the one taking care of executing the will after your death. The person may or may not be your spouse depending on his or her decision-making ability.
Drafting a will
Drafting a will is not an old-age thing at all. Anyone over age 18 can and should consider doing this. The will allows you to name a guardian in case you have minor kids and leave your asset for your loved ones.
