This past year we’ve seen countless examples of simple acts producing heroic results, ordinary people making a difference through thoughtfulness and care. One way you too can leave the world a better place is by taking time now to plan your estate.
Estate planning can be daunting, but even a simple estate plan can provide you with the peace of mind that comes with knowing that you have spelled out your wishes for loved ones and charities.
Here are some basic steps to help you develop an estate plan you can be proud of.
Make a list of your assets and how they are owned – Some assets may be distributed by your will, but other assets should not, and it’s important to know the difference.
Assess your family situation – Careful planning ensures your assets go where you believe they are needed most. Special circumstances should be addressed in your estate plan.
Weigh your values – What messages do you want to leave behind about the values that are important to you. A charitable contribution from your estate can leave a lasting legacy.
Choose an attorney – An estate planning attorney can make sure your plan achieves your objectives. Or you may choose an online service, which will generate the legal documents for you after gathering certain information. Your unique circumstances will determine which is most appropriate for you.
Discuss your estate plan with your family – The time for family members to learn about your estate plan is not after you are no longer here. It might be a challenging conversation, but it’s your opportunity to explain why you’re distributing your assets in a certain way. Your estate plan will not necessarily make everyone happy, but they are your assets – accumulated over your lifetime – and you can distribute them as you choose.
Final documents – Make sure that you keep your documents in a secure place and tell a family member or friend.
Periodic review – Review your plan every three to five years. No adjustments may be needed, but if your family or other circumstances change you can modify as needed.
Choices we make today shape our tomorrow. Visit planmygift.baystatehealth.org/estate-planning to download a FREE Estate Planning Guide.