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Will and estate planning checklist4/7/2024 Next, think of what you want your wealth to accomplish after your death. For instance, in the years ahead, what do you want to accomplish? Do you want to create a business? Sell a business? Do you want to travel the world, build a home or pay for your grandchild’s education? Does estate planning for your vacation homes need to be a priority to avoid a fight within the family? Before meeting with a professional planner, consider your initial goals, hopes and desires. Professionals will also be current on changes in legislation as well as income and estate tax laws, which could impact your plan. As you get older, your needs may change, such as determining if you need long-term care insurance and protecting your estate from a large tax bill or lengthy court proceedings. 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.
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