Making Estate Planning Lively!

A lot of us want to leave a legacy to our families but how can we leave it like a specially wrapped gift with a bow on top? Especially when we’re talking about a time when most of us don't even want to think about our estate planning or death because, let’s face it, it’s not the best time of our life. So how do you imagine our families feel at that time? They're probably feeling even worse than we do. How can we lighten the load? How can we make it easier on them to get through that period? It’s making sure that your financial affairs are in order, organized, and easy to navigate. 

Here are 10 ways that you can make this easier on your family.

1.  Organize any of your key documents. These are your wills, trusts, health directives, and digital assets. I usually suggest that people have a folder or a binder that they use to store these documents. These need to be in a secure place that your family or executor can access when the time comes. 

2. Update your beneficiary designations. Make sure that they are accurate and that they follow your intentions. I've seen divorced couples where the one spouse forgot to change the beneficiary designation and the other spouse received the assets. I don't think that was their intention.

3. Consolidate your financial accounts. Don’t have a large number of accounts unless it’s necessary. Consolidate them to as few accounts as necessary. Also make sure to check the titling. Are they joint title? Sole title? Trust? You want to make sure that these are accurate. 

4. Use transfer on death accounts. Transfer on death accounts pass exactly as your retirement accounts and life insurance accounts do with a beneficiary designation. That beneficiary designation avoids probate so it's a simple and easy way for folks to get your bank accounts.

5.  Write a clear and detailed will to reduce any potential family conflicts. Imagine all of the scenarios that could happen with the assets that you have. Does your will or your trust address them so that there will be no confusion? 

6. Share your preferences for things like your final memorial plans. Are you going to be cremated or buried? Do you want to have a memorial service or not? Make sure that your family understands so they won’t be disappointed or surprised. 

7. Review your plans periodically. Anytime you have a life change, you should be reviewing your estate plan. Did you move? Did you have grandchildren? Any life change encourages you to review your plan with your advisor.

8. Consider a trust for complex needs. This could be charitable giving or specific family engagements. If you have a complicated asset, use a trust to discuss how you want it to be treated at your death. 

9.  Hold a family meeting. You may need an advisor there to help you do it. This could be your attorney, your estate attorney, or your financial advisor. Communicate your wishes and avoid any misunderstandings.

10. Work with a financial or an estate planning specialist to make sure that your legacy is organized. We are often not aware of all of the legal ramifications of our titling, beneficiary designations, or the assets that we hold. Speaking to a professional to review that final estate plan is well worth the investment. 

We can help you with any of these arrangements or conversations. Feel free to contact us anytime.