Essential Estate Planning Documents You Need During The Pandemic

As a result of COVID19, many people have rushed into creating their estate plan. I can understand urgent feelings as you see high fatality numbers, including profiles where both husband and wife have succumbed.

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Estate planning documents should reflect your family and your financial situation. Recognize that you will make changes as you move through your life cycle.

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Know how to create your estate plan with the essential documents you may need now or in the future. When building your wealth, consider determining how you will eventually distribute your assets.

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1. Designate Beneficiaries For Your Nonprobate Property

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The non-probate assets that you may transfer by contract are:

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Change your beneficiaries as you go through life. Refresh your beneficiaries by naming your family members if you are now married with kids.

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Husbands and wives (or parents and children) may have joint ownership of assets. These assets are called joint tenancy with the right of survivorship.

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2. “Last Will and Testament”

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People may opt for co-executors, such as a spouse and an adult child. The testator believes these individuals can work together.

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Essential Estate Planning Documents You Need During The Pandemic

As a result of COVID19, many people have rushed into creating their estate plan. I can understand urgent feelings as you see high fatality numbers, including profiles where both husband and wife have succumbed.

Estate planning documents should reflect your family and your financial situation. Recognize that you will make changes as you move through your life cycle.

Know how to create your estate plan with the essential documents you may need now or in the future. When building your wealth, consider determining how you will eventually distribute your assets.

Keep Your Family’s Best Interests At Heart

1. Designate Beneficiaries For Your Nonprobate Property

Make sure to name beneficiaries for all of the assets that you can. Review your designated beneficiaries periodically.

The non-probate assets that you may transfer by contract are:

– retirement accounts, including 401(k) plans, – IRAs, Roth IRAs, Keogh, and pension plans, – payable-on-death clauses in bank and credit accounts, investment portfolio(s),

Change your beneficiaries as you go through life. Refresh your beneficiaries by naming your family members if you are now married with kids.

Modify Beneficiary Designations As Needed

Husbands and wives (or parents and children) may have joint ownership of assets. These assets are called joint tenancy with the right of survivorship.

Joint ownership with rights of survivorship

2. “Last Will and Testament”

The will is central to most estate plans. Increasingly most of your assets pass outside probate. Non-probate assets pass by contract either through designated beneficiaries or trusts.

People may opt for co-executors, such as a spouse and an adult child. The testator believes these individuals can work together.

A Trustworthy Executor Is Better Than Co-Executors

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