What Makes Up a Good Estate Plan?
There are many aspects to consider when it comes to planning your estate, but what exactly makes up a good estate plan? Let’s break down some key components below.
Assemble a support team
You will want to have a team of professionals such as an estate planner, attorney, financial advisor, accountant and/or other estate specialists to help you successfully plan your estate needs. They will be able to answer any questions and concerns you may have and point you in the right direction along the way.
Get a Will!
This is the most important one! Ensure that you have a Will and your wishes are clearly laid out for your future Executor. It’s also important for your Executor to know where the original documents are kept in order to act when needed.
Prepare a Go-Binder with important documents and information
A Go-Binder is a terrific way to keep all your important documents and information together. It is a binder containing all the information your future Executor would need to act, such as banking and asset information, property deeds, marriage, or divorce paperwork, etc. There are now online options as well, such as SideDrawer, ReadyWhen and EstateBox.
Plan for your Digital Assets
Everyone has a digital presence these days. Your digital assets are things such as email accounts, memberships & reward programs, social media accounts, Cryptocurrency, the list goes on…. Would you like your accounts deleted? Memorialized? Will your future Executor be able to access these digital assets when needed? Some social media platforms, and tech companies such as Apple have the option to name Legacy Contacts ahead of time – it’s worth looking into and setting up!
Communicate regularly
Communication is a crucial factor when it comes to your estate planning. Ensure that there is communication with your named Executor to avoid surprises down the road, and to make sure that they fully understand your wishes. Remember - communication doesn’t stop once your plan is made! You will want to maintain regular and open communication as your plans change over time.
Revisit and update often
As life changes, your plans should too! Keep in mind that you will want to review and edit your documents over time to reflect your wishes. The estate plan you make at 25 is likely much different from the plan you make at 60! It’s crucial to update these plans and documents throughout life!
Every estate is different, and a great estate plan will look different given each unique situation. It’s important for you fully understand your estate needs, and the scope of your future estate so that it is planned properly for the leave the legacy you wish to leave behind.
Are you just getting started with your estate planning? A great resource when it comes to understanding your future estate and naming your Executor, is our new online course called Executor Ready! Executor Ready does just that – gets you and your Executor ready for the role through ten easy to digest video modules led by our CEO and Founder Debbie Stanley. We answer all the burning questions like “Do I really need probate?” to “What are Digital Assets?” Click the link to learn more and to get your Executor Ready today!
This blog is not intended to be legal advice and should not be relied on as such. If you require legal advice, please contact a legal professional concerning your particular circumstances.