Take some action steps to get your financial estate in order.
Estate Planning For All Ages
I’d like to offer a reminder to make sure your estate affairs are in order. In today’s environment, having your estate and financial matters organized can help if your or a loved one’s health were to be compromised. Estate planning isn’t just for older people!
When you think of estate planning, you might immediately think of a will and/or trust. These are typically the first documents to be prepared, and can help you decide how your assets will be distributed, not the state. Consult an estate planning attorney to get started. I can offer referrals for Chicago-area attorneys who do this work – use the Contact Us form to send me a message.
Beyond a will, here are some other considerations
In addition to a will, there are several other areas of estate planning to consider. Here are some of them:
- Powers of attorney for health care and financial matters. These documents give authority to a loved one in the event that you are incapacitated. Often when drafting a will, attorneys will also provide these documents for you to complete and sign. Make sure yours are up to date and properly reflect your wishes. Contact an attorney for assistance.
- Beneficiaries on retirement accounts. If you have a retirement account (such as an IRA, Roth IRA, 401k, 403b), you have the ability to select a beneficiary who inherits these assets directly. Check your accounts to be sure your beneficiary is identified. And, if you don’t have a Contingent beneficiary listed, consider adding those in the event that your primary beneficiary predeceases you.
- Passwords. Store your usernames and passwords in a safe place and let your family know where they are. This includes the password to your smartphone, online photos, and social media accounts, in addition to your banking and other financial relationships.
I am not an attorney and this information is not intended as legal advice. Consult with an attorney for your specific situation.
Reach out for a financial affairs summary sheet
I have a summary sheet that outlines a variety of financial documents and other materials to collect and have on hand in a physical folder. These materials can help your loved ones know where to go for all the important financial matters. It takes some time to assemble the documentation, but it can be very beneficial in a time of need. Reach out via this website’s Contact Us page if you’d like a copy of the financial affairs summary sheet.