10 Estate Planning Tips Every Senior Should Know


10 Estate Planning Tips Every Senior Should Know

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Estate planning becomes a priority at a certain point in the life of any senior. And it goes beyond just composing a will. Intense and careful planning represents accounting for all of your assets and making sure they are transferred smoothly to the people or entities you wish to be the receivers.

But not only do you need to make a good plan, but you also have to make clear your intentions and make sure others understand what your wishes are. If you don’t know how to do that precisely, we made a list of important things to remember when planning your estate. You’re welcome!

  • You need to make an inventory – As a start, you need to review your home inside and out and make a list of valuable items – television sets, jewellery, collectables, art and antiques;
  • Non-physical assets – Next, it follows the non-tangible assets you have, such as brokerage accounts, bank accounts, IRAs. You might also want to write all account numbers and a list of places where documents can be found, just to be very organized;
  • List of debts – Not only a list of assets is required, but also a list of possible debts. By debts, we mean obligations and open credit cards you might have (for those you might write down as well where additional info can be found);
  • Membership List – It’s recommended you list all the organizations you might be part of, whether it’s the American Legion or AARP. If you want donations to be made in your memory, you need to make clear to your family what are your preferences;
  • Have more copies of your list – When you finish writing these lists, just for extra caution, make copies. One can go to your estate administrator, the other one to your spouse(or member of the family), and the third one in a safe deposit box;
  • Review your retirement accounts – Policies that have the list of designated beneficiaries of your estate will contact them when needed. That is why you need to check if everything is how you wanted;
  • Insurance update – Just like with your retirement accounts, life insurance and annuities will be automatically redirected to the beneficiaries. That’s why it’s for the best to check twice to see if the list is up-to-date;
  • Choose a responsible estate administrator – Apart from trust, you need to make sure you choose an estate administrator that can be reliable and responsible;
  • Start a will – If you don’t have one already, start now. You can name in the will a future guardian for your minor children or your pets. If you prefer donating your assets to a charity, a will is a legal way to express your wishes;
  • Regularly check the documents – It would be best to regularly check your documents once every two years.

If you enjoyed reading this article, we also recommend you: 8 Best Ways to Save for a Child’s Higher Education

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