Take Steps to Remove Uncertainty from your Estate Plan

You've spent your life building assets that keep you and your family comfortable. It is important that you take the proper steps to make sure that those assets are distributed the way that you would like after your death. Remember, your assets are not only money and property - you have to consider what would happen to your children if anything unexpected should occur to you and your spouse.

Assert Control

If you don't create an estate plan before you die, your assets could be distributed according to state and federal laws. While the laws may distribute your finances to your family in a way you would approve, you have no way of knowing who will receive what. Creating an estate plan gives you the power to specifically designate the distribution of all of your assets so that you can feel confident about what will happen once you're gone. Your financial holdings are too important to leave to chance or legal channels.

Estate Planning Doesn't Have to Be Complicated

It's really very simple to create the legal documents that outline your financial wishes. The best way to begin is to hire an attorney who specializes in estate planning. The attorney will be able to walk you through the entire process so that everything is taken care of completely. Having an attorney available will also make it easier to create a legal will and designate who would legally take over your affairs if you were unable to manage them for yourself anymore. Most estate planners have checklists that you can fill out as you go through the planning process.

Create Detailed Lists

Before you can begin to protect and designate your assets, you need to have a detailed listing of your assets. Create an inventory of everything you own, including all financial holdings. Include any insurance policies you may hold, real estate you own, investments you've made, savings accounts, and retirement funds. If you own special collectibles or family heirlooms, add them to your list so that you can make sure they end up in the right hands. Basically, you should list anything that holds any value, whether it is monetary or emotional value.

Update Regularly

Your assets change as you continue to live your life. That means that your estate plan needs to change regularly to reflect your shifting assets. Revisit your estate plan once a year to make sure it remains up to date. It doesn't need to take much time to keep your estate plan current, and it will save quite a bit of trouble for your estate's executors when they go through the process of distributing your assets.

For more information, feel free to Contact Neptune Financial to schedule an appointment.

Basic Understanding

This blog is being provided for informational or educational purposes only. It does not take into an investment objectives or financial situation of any individual, family, prospect, client, or prospective clients. The information is not written or intended as investment advice and is not a recommendation about managing or investing your retirement savings.

An individual seeking information regarding their investment or retirement needs should contact a financial professional.

Neptune Financial, and their financial professionals do not render tax and legal advice. Please consult your tax and legal advisors regarding your personal tax or legal concerns.