One of the best things you can do for your family is to sort out your will and estate planning strategy long before you believe you could pass away. Even if you’re healthy and you’re not yet a senior citizen, if you have children or other family members to think about, then it’s time to start planning. This way, you can help your family avoid conflicts and costly taxes and fees after you’re gone.
Here are the items you’ll have to check off when you’re completing your will and estate planning checklist.
Get Your Finances in Order
First, figure out what your assets and what your debts are, and then start paying down your debts as much as you can. Make a list of all your assets — including physical ones like your home and non-physical assets like your 401(k) or investments — and determine the amount of money you have.
Add Your Designated Beneficiaries
If you have a retirement account or life insurance, you’ll need to provide designated beneficiaries. Typically, the beneficiaries will be a spouse and your children. But if your designated beneficiary passes away or you get remarried, then you’ll have to update your documents as needed.
Draft a Legal Will
You will want to control what happens to your money when you pass away, which is why it’s important to craft a legal will with the help of a lawyer. If you’re the parent of young children, you can include who you want their legal guardian to be in your will, and if you have pets, you can say who you want to look after them.
Determine Who Will Be Your Estate Administrator
You’re going to need to choose someone to be your estate administrator. This person should be logical, responsible, and able to follow your wishes and administer your will when you die.
Get In Touch With an Estate Planning Attorney
To ensure that you’re going about will and estate planning the correct way, you should contact the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Contact us at (509) 315-8087 today to get started.