Everyone should have some type of legal document that directs where the assets of their estate should go when they die. This document is most commonly referred to as a last will and testament. Another popular legal document that may be used in the place of a will is a living trust.
Start the conversation with loved ones. There are many tools to help you, do a Google search for getting started on retirement planning and tools like the following are available to you
Formalize your plan. Work with a respected financial professional who may have a better understanding of all the options available, but before you do go online. Here are a few sites that may help you formalize your plan
CHAPTER 8: Formalize Your Investment Plan - Investment Guide
"Having a plan helps people get a clearer idea of what they'll need later in life and enables them to set attainable goals, track progress and adjust the plan if necessary, however many of us go through life with the Alice in Wonderland approach
"Would you tell me which way I ought to go from here?" asked Alice.
"That depends a good deal on where you want to get," said the Cat.
"I really don't care where" replied Alice.
"Then it doesn't much matter which way you go," said the Cat.
- Lewis Carroll, Alice's Adventures in Wonderland (1865), novelist and poet (1832-1898).
Make a plan and stick to it and you will be surprised how well you can do!
A last will and testament does not necessarily control where everything goes. Certain assets such as retirement accounts, annuities, life insurance, etc. , are controlled by beneficiary designations. Make sure that these designations are up to date and reflect your current wishes as to where these funds will go.
If you wish that certain sentimental items go to specific individuals, make sure that you designate these as specific gifts in your will. Otherwise, these items may or may not get to the person that you wish to have them.
Make sure you have enough life insurance. Life insurance is a powerful tool in estate planning. It can be used to provide liquid funds to replace lost income, pay off a mortgage, pay for a college education, pay debts, pay taxes or just provide a better life to the beneficiaries.
Make sure you have a durable power of attorney and health care directives in place. These documents allow someone to manage your assets and your care should you reach a point that you are unable to.
These are some of the important things to consider when planning for where you want your stuff to go when you die. Each person’s situation can be somewhat unique and there are other issues that may need to be considered. Be smart and seek out a qualified professional to consult with about creating your estate plan. Your loved ones will someday be glad you did.Here are some tips to help you start:Start the conversation with loved ones. There are many tools to help you, do a Google search for getting started on retirement planning and tools like the following are available to you
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"Would you tell me which way I ought to go from here?" asked Alice.
"That depends a good deal on where you want to get," said the Cat.
"I really don't care where" replied Alice.
"Then it doesn't much matter which way you go," said the Cat.
- Lewis Carroll, Alice's Adventures in Wonderland (1865), novelist and poet (1832-1898).
Make a plan and stick to it and you will be surprised how well you can do!
Amazing...don't you love the wonderful attitude that come from taking money out of every thought. Thank you for the new "retirement calculator". Great post.
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