Estate planning goes far beyond writing a will. Creating a thorough estate plan means going through all your belongings and making the transfer of your belongings and accounts go smoothly. It is the best way to ensure that others follow your wishes after death.
However, you may not be sure how to start. Here are most of your basics regarding estate planning.
Itemize your physical assets
Kick off your estate planning by going through your valuable physical belongings inside and outside your home. Then, figure out who you want to have each item.
Include your non-physical assets
Then, do the same thing for all of your non-physical assets. That can include everything from money to insurance benefits.
Create your list of debts
Before celebrating, start a separate list of all of your monetary obligations. That can include loans and open credit cards. Be sure to include all the information you have on these debts.
Write down all of your memberships
Make a list of all the organizations you belong to, such as professional or social organizations. Some of them may have life insurance benefits that your heirs can collect, and you may wish to leave one money if they are a group you admire, such as a wildfire prevention group.
Procrastinating is the way to go if you want to ensure your wishes are not followed after death. While you probably do not want to think about your end, it is the only way to prepare your estate. So use this checklist to get started. Then, go beyond these steps to ensure you have an excellent estate plan.