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Items for your estate planning checklist

On Behalf of | Sep 17, 2021 | Estate Planning

Estate planning is best done sooner rather than later. California residents will want to be prepared in the event of death. If you aren’t sure how your estate should be managed after your passing, then start with this estate planning checklist. Here are some general points to keep in mind as you prepare, plan and execute your estate.

Start with your insurance

Consider insurance as the first of many >financial hedges in estate planning. When you pass, your assets go to a court if you haven’t assigned a beneficiary to them. Those whom you designate as beneficiaries via insurance, however, get annuities even if you don’t write a will.

Include tangible and intangible assets

Now is the time to bring together all of the assets you own. Tangible assets are visible, moveable and real objects. Jewelry, gold bars and horses are such assets. Your intangible assets come in the form of accounts, investments and titles. Total your assets together, for these items are what collectively create an estate.

Consider an executor

Someone has to execute your will once it’s activated, and this person is called the executor. You choose who they are, but you must be strategic about your decision. Your executor must ensure that your wishes are followed and that your estate is respected.

Work with professionals

Legal and financial professionals should be consulted during your estate planning. The legal factors involved in planning cover what you make as assets, whom you give them to and any legal consequences of your will. Having an accountant track your finances can likewise help you account for assets that you couldn’t have known were applicable.

You can begin creating an estate plan today. Start by thinking about your wishes for a will and any executors you believe are an ideal fit. It all begins with putting it down in writing.