You may not know, but even if you have put a lot of time and effort into creating your estate plan, your will, trust, and other official documents may not completely protect your family. That’s when a ‘roadmap’ to your estate plan can come in handy. If you need assistance drafting your roadmap, get in touch with a New Jersey estate lawyer today.
It is a good idea to create a go-to checklist or an informal document (can also be a letter) guiding your family to understand, execute, and comply with your wishes. In this article, we talk about how you can create the perfect roadmap of your estate plan so that your loved ones can avoid paying probate.
Your journey through life
Your road map must include:
- A list of key contacts, such as your estate planning attorney, accountants, insurance company, and financial advisors.
- The location of your will, living trusts, tax filings and record, powers of attorney, insurance plans, deeds, stock certificates, automotive titles, and other essential documents.
- An individual financial statement includes information on investments, bonds, rental properties, bank statements, retirement funds, vehicles, other assets, loans, credit cards, and perhaps other debts.
- A collection of digital assets, such as email accounts, online bank, and trading accounts, virtual image gallery, digital content and literature collections, and social media accounts, with user credentials or a description of the arrangements established to enable access to your representative.
- Information on funeral arrangements or burial desires, as well as safe configurations and the location of any valuables and keys. Read More Details: https://www.smbceo.com/2022/11/09/5-estate-planning-tips-to-protect-your-family-and-assets/
Specifying your goals
Your road map can sometimes be a good place to describe why some estate planning decisions were made to loved ones. You may include your wishes, like choosing to support a non-profit organization or institution you’re passionate about. Perhaps you’re dividing your assets unequally, allocating particular assets to specific beneficiaries, or imposing limits on an heir’s right to trust payouts. There are many valid reasons for these techniques, but your family must understand your motivations to avoid wounded emotions or disagreements.
Unlike other estate planning tools, your road map will not be valuable if your family doesn’t know where to find it. It is advisable to leave a copy to a trusted advisor and a second copy where your heirs will likely find it. The rich and famous are not the only ones who benefit from estate planning. Consider your legacy and create an estate plan as part of your ongoing financial planning strategy.