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Estate Planning, Step-by-Step: Part Three

This is the third, and final, piece in our series on comprehensive estate planning. As with the previous two, the information contained below is adapted from a wonderful article by Steven Merkel for Investopedia and reprinted in the San Francisco Chronicle.

We left off on Tuesday with the importance of selecting a trustworthy and responsible estate administrator. Today, we start with an equally important step, the creation of your will.

10. Once you've properly tallied your assets and confirmed recipients for all outstanding bank savings accounts, life insurance policies and other accounts, it's time to take on the creation of a will. Merkel suggests that everyone over the age of 18 have a will, but few will take on that charge.

Suffice to say, the sooner the better. It's never too early to start planning for the future of your assets.

11. Rinse and repeat. Once you have your will, it may feel like you're finished, but nothing could be further from the truth. A will, like any document tethered to a specific point in time, is only representative of that moment.

It's important to revisit your will every few years to make sure it's still accurate and sufficient for your purposes.

12. Send a copy of your will to your estate administrator, keeping one for yourself in a safe place. Make sure that your estate administrator receives the most up-to-date version of your will whenever you make changes.

13. See an estate planning attorney. Even if you think you've got everything covered, having another set of eyes to go over the fine print is always a good choice. Additionally, a good estate planning lawyer will likely be able to draw out things that you missed or were not aware of.

Source Article

  • Estate Planning: 16 Things To Do Before You Die (San Francisco Chronicle)

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