Not only must you have a plan in place for when you die, you must let others know about that plan and about your wishes.
Some are obvious, like having a will, naming a power of attorney, picking a health care surrogate and reviewing regularly all your estate planning documents. Others are not so obvious.
An article on investopedia.com has made a list of things you must do before you die.
Here are some of them:
1) Make an inventory of everything you own that is worth over $100.
2) Make a list of things that you own that are not physical items, things like 401(k) plans, brokerage accounts and insurance policies.
3) Put together a list of all credit card accounts and debts, as well as memberships in all charitable organizations.
4) Make copies of all these lists and send them to the administrator of your estate. If you don’t have an administrator, select a responsible one. The administrator of your estate should also have a copy of your will.
5) Simplify your life by consolidating bank accounts and IRAs.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
