Estate planning isn’t something that should only be considered by those who are wealthy. In fact, if you have anything of value you should consider having an estate plan set up to protect your assets and your loved ones. A well-thought plan can ease stress on your loved ones after your death and ensure your final wishes are carried out. Here are some estate planning tips to keep in mind.
List Your Wishes
Your estate plan should list your final wishes so there is no confusion about how assets should be split after your death. If you don’t work with an advisor on your estate planning Ridgewood NJ, you may risk losing your assets to the state. Instead, clearly document what you want to happen after your death. This includes listing out all your assets such as real estate, 401k plans, life insurance policies, belongings, and even digital item and stating who should receive what.
Consider Guardianship Needs
If you have children, it’s vital to name a guardian who will be responsible for them if something happens to you while they’re still young. Determine who would make a responsible caregiver and get their consent before naming them guardian of your child.
Consider Long-Term Care
When you’re healthy, you may not consider the possibility of needing long-term care. However, if you neglect to plan for this and end up requiring expensive medical care it could eat into your estate. Work with an advisor to prepare for any possible healthcare needs to preserve your assets.
Keep Beneficiaries Up to Date
Over time, your list of beneficiaries may change, but if you don’t update your estate it may have lasting consequences. Conduct a periodic review of your estate to avoid confusion, conflict, and hurt feelings after your death by keeping this important list up to date.
Planning out your estate is one of the most important steps you’ll make in your lifetime, and being properly prepared will ensure you leave a lasting legacy.