![]() While you might think that you have covered all your bases, it can be a good idea to consult with your advisors to review your estate and financial plans. Visit an estate attorney and/or financial planner You can also make electronic copies of documents that are sent to advisors and loved ones.Īn estate attorney or financial planner can help determine your financial goals and manage your wealth for the future.ģ. It is also important to store paper documents in a secure location, such as in a fire-proof safe, where a trusted person has access. Having copies of all your important documents is critical. ![]() Additionally, outline in your powers of attorney, will, and revocable trust who should have the authority to deal with service providers controlling your digital assets. These items may have great sentimental value-another reminder that estate planning for vacation homes is crucial, even in a digital context-as well as monetary value that can generate revenue for your heirs.ĭefine your digital assets in your estate planning document and indicate to whom they should go and what can be deleted. Also include logins for bill pay, social media, emails, frequent-flier miles, online photos, domain names, virtual currency and any other online domains. Don’t stop at banking and investment accounts. Choose a trusted person and grant them access to your account information. This means close family members likely do not have the passwords to access your accounts or even know where your accounts are located. Many people take a fully digital approach to managing their assets. Asset inventory (including digital assets).Ģ.Important estate planning documents to consider include: Ensuring all important documents are ready and your family knows how to access them will help streamline the estate planning process. Also, be sure to have the name and contact information for your doctors, lawyers, accountants, financial advisors and insurance brokers. You should also gather any estate planning documents currently in place, such as wills, trusts and financial and medical powers of attorney, as well as life insurance policies and information on retirement account beneficiaries. These should include the title to physical assets, deeds to properties, birth and marriage certificates, and burial plot information. Here Are 10 Helpful Estate Planning Steps to Consider for Peace of Mindįirst, gather all the necessary documents. ![]() Understanding the full extent of these obligations, and preparing in advance with family and advisors, can ease administrative burdens and reduce anxiety during an extremely emotional time. Estate planning for vacation homes must be considered as part of this process, among many other needs. They can lay out steps for any unforeseen health issues and protect the relationships your family members will have with one another in the future.įor example, something as seemingly innocuous as ownership of a summer home can cause serious issues among a family if a decision isn’t made about sharing, selling or otherwise utilizing the property after the primary owner passes on. These decisions impact more than investments and assets. However, without proper estate planning in place, many families will be left in the dark during a challenging time. End-of-life planning is often a difficult topic to discuss, especially with your family. Having these details available can make the end of life a little less painful for those who remain. When a loved one dies, family and friends have to review important documents and make critical decisions. Most people know they should prepare these items and make them available to trusted family members before the unthinkable-yet inevitable-happens. Wills, health care directives, and powers of attorney. Preparing in advance with family and advisors can ease administrative burdens and reduce anxiety during an extremely emotional time.
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