There are a couple of things that everyone should do before they are dead, and these include living their lives to the fullest, completing their bucket list, and whatnot. However, the most crucial part is splitting your assets and estate planning. A Boca Raton Estate Planning Attorney has a solid plan and a course of action for your final will.
Here are some things that we think are important for one to do.
- Prepare your valuable inventory
To start things off with, first, you must go inside out of your house and prepare a list of valuable items. Items that can be included in this list can be houses, vehicles, jewelry, gold, antiques, computers or mobiles, etc. By the time you would have completed this list, you will have a long list of items available to you, and while making this list, someone will come to your mind that you would like to give something from this list.
- Make a list of intangible assets
Now, similarly, as you did in the first point, you need to prepare a list of items that have no tangible value associated with it but are of high value. This can include papers of bank loans, brokerage accounts, insurance policy papers, and other such documents of your long-term health insurances, of all your belongings like auto health, and other essential things.
- Update your insurance
Similar to retirement accounts; your insurance claims also pass to your beneficiaries. It is crucial to contact an insurance attorney where they will keep your beneficiaries up-to-date and their policies too.
- Appoint someone as estate admin
Your estate admin is the one that is going to be handling your property after you die. You need to select someone good at decision-making because that person would be responsible for the properties distribution. One mistake that many people make is they appoint their spouse as their admins. But what they tend to forget is that the emotions change and affect their decision. So pick the right one for this responsibility.
- Review your documents
Regularly review your will for any updates every two to three years and set your appointment with your estate planning attorney. As every human evolves, your opinions and priorities will also change as time passes by.
The checklist does not end here. There are numerous more legal procedures necessary for an individual to do. An attorney will always be by your side to check whether your decision is ethically correct or not. You must follow all the suggestions that we have mentioned above. Any more suggestions and add ons will be recommended to you by your hired attorney in law.