Where to Start with Estate Planning
Estate planning is a topic many of us avoid. For me it was because I don’t have kids, so I didn’t think it was important, but I realized that my estate plan is more than just distributing of my financial assets. It also includes my living will and power of attorney which provide instructions if I become unable to make decisions about my care and money. If you have kids, it will include guardianship if they are under 18. I contacted a law firm that specializes in wills and estate planning.
Your estate plan will include more then your will and financial assets. The estate plan can include power of attorney, living will or personal directives, trusts, and funeral plans. If you aren’t ready to contact a lawyer, you can do the first steps on your own. To not get overwhelmed by the process the first 2 things I recommend you do is figure out what financial and physical assets and debts you have and where are they. Do worry about if an item is valuable or not. If it is important to you or your family put it on the list. A good place to start is the list you may have done for your home insurance. This is a comprehensive list you’ll need to identify if you have a will or power of attorney or even a grave plot.
The second step is to list your important documents and information and again where are they. You’ll need to include your personal information like your birth date, and place of birth and social insurance number to more complex information about your bank accounts, investments, life insurance and pensions. If you have kids, you’ll need to include their information as well.
This step can lead to more questions and can take time. Try your best to get as much information complied because it can help you make decisions about your will such as picking a guardian, executor or power of attorney.
Leave a comment or let me know if you have any questions. Next week I’ll talk about the terms used in estate planning.
