We can’t predict the future, but we can plan for the unexpected with the right help. Estate Planning is commonly prepared for couples in their 40s to 50s with a family and a home. Very seldom, have we seen a couple in their 20s to 30s that are looking to create their living trust.
The Route 91 Harvest Music Festival shooting is a tragic reminder that we must prepare steps for our loved ones to walk through, if one of us suffers an unexpected passing. Creating an estate plan, can allow your family to know your wishes and walk them through your belongings.
Review these Five Steps to see if you’re prepared:
Start creating a will to create a plan for your possessions.
-Remember to account for financial and personal
-Don’t forget to list your virtual assets, such as your apple id, google account, and all social media accounts.
Organize and list all personal and financial accounts
-Write down usernames and passwords and update them
-If it’s online access only, make sure the process is documented
Name beneficiaries on accounts to avoid Probate
-Life Insurance beneficiaries should be checked regularly with the company
Update bank account to payable-on-death (POD)
-POD, allows you to name a beneficiary to keep the account out of probate
Have an estate planning attorney create a durable power of attorney and living will
-These important documents allow appointed agents to make financial and medical decisions for you if were to become incapacitated.
Understand that estate planning, isn’t for older adults and the wealthy, but more about peace of mind for your loved ones while they’re going through tough times. I encourage you to have the conversation in your 20s and 30s and prepare yourself before it’s too late.
Call Sage Capone at 808-753-1868 for a free consultation to review your Trust documents.