There is no way to predict what will happen in the future, but there are things you can do now that will allow you to feel confident regarding what is ahead. One of the most important things you can do, regardless of your health, income or age, is to create a thoughtful and complete estate plan. This can be a daunting task, and you may feel unsure of where you should even start with this process. There are steps you can take that will help you create a strong plan that will allow you to look to the future with confidence.
Looking to the future means that you must consider what you want to happen to your estate and property after you pass. You can also consider the specific types of health care interventions you may want in case of incapacitation. With the right plans in place, you can feel sure about the security of your long-term interests. Having plans in place is beneficial and practical for virtually every adult.
A helpful checklist
There is no single estate plan that will work for everyone. If you are considering creating a plan and are unsure of where to start, you may find that the following steps are helpful as you craft a strategy for your long-term interests. Some of the steps to creating an estate plan include:
- Make a list of your current debts and the creditors to whom you owe money.
- Take an inventory of your assets and determine where you want them to go in the future.
- Make a list of the intangible assets associated with your estate, such as bitcoin and social media accounts.
- Update beneficiary designations and review your retirement accounts.
- Determine who you would like to act as the executor of your estate.
These are simple yet effective steps that will allow you to move forward with the creation of your estate plan. After making these initial efforts, you can create a will and draft other documents that will allow you to look to the future with confidence.
Who needs an estate plan?
Estate planning is for every California adult. If you do not currently have a plan, you are taking a risk with your own interests as well as the interests of your loved ones. You will benefit from seeking professional guidance regarding the specific terms you will need in your plan and the steps you will need to take to have the full amount of protection necessary for the future.