Estate management is crucial if you want to leave your heirs with a financial safety net. Plus, without a proper legacy and estate strategy, you may leave your heirs with a lengthy and confusing process of dividing your estate. Follow these tips to do it right.
1) Create an Inventory of What You Own
Taking inventory means indexing every one of your belongings and noting it’s value in some cases. This could encompass your house itself, TVs, jewelry, keepsakes, cars, artwork and antiquities, laptops or computers, gardening machinery, and power tools. This could take more effort than you thought so plan your time accordingly!
2) Account for Intangible Assets
Anything in the form of paper, agreements, or another type of intangible asset should be accounted for. Think investment accounts, 401(k)s, IRAs, bank accounts, life insurance policies, and different insurance plans such as long-term care, homeowners, car, handicap, and medical coverage.
3) List Your Debts
Put together a list of any open lines of credit you may have and other financial liabilities. This can range from car loans, mortgages, home equity lines of credit (HELOCs), and any other debts you may have.
4) List Your Memberships
If you are part of any organization such as AARP, a veteran’s organization, or a college alumnus society, create a listing of them. In certain cases, these associations may give you accidental life insurance coverage and your beneficiaries may be eligible to receive it.
5) Review Retirement Accounts & Insurance
When you die, any accounts or policies that have a specified beneficiary will be transferred directly to the named individual or organization. Make sure it’s clear who the beneficiaries are so there is no confusion in the wealth transfer process.
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Bob has a passion for making your money work hard for you. He takes profound joy in ironing out a plan for a long and comfortable retirement, no matter what your current income or level of wealth. With a work ethic second to none, he has a zeal for transforming uncertainty into stable ways for you to protect your future and your family. He knows that the quality of your life you enjoy today can remain as rewarding—or even better—after retirement.
With a strong background in information technology, Carol is instrumental in building operational policies and strategies that keep the organization functioning smoothly. Carol’s organizational skills and her flexibility to jump from priority to priority along with her commitment to customer service makes her an essential part of the Grimard Financial team. When Carol is not working with the Grimard Financial Family, she is a very creative and accomplished photographer.