The very idea of estate planning can be intimidating. But even a simple estate plan can provide you with the peace of mind that comes with knowing that your wishes have been spelled out.
Here are some basic steps to help you develop your estate plan.
- Take inventory of what you own. List all of your assets and their approximate value. Include pertinent information about that asset.
- Make a list of tangible personal property such as jewelry, dishes, books, furniture — items other than real estate and investments — and who is to receive each item upon your passing. You may want to maintain this as a separate list rather than designating this in your will for maximum flexibility.
- Think about your goals for your estate plan. For example, who do you want to benefit? How do you want to treat each of your children, any special needs that you want to provide for? What happens if you and your spouse both pass away close in time? Are there charities or organizations you want to remember? Your attorney will most likely ask you about goals you didn’t consider, but at least you’ll have a head start on those that are most top-of-mind.
Don’t forget your digital assets. List all digital and social channels you use. Include ID’s and passwords. This will be incredibly helpful to your family.
- Consider whom you would like to name as your agents, e.g., the executor of your will or the trustee of your trust, the person to hold your power(s) of attorney, and gather pertinent information about them.
- Go see an attorney, preferably one who specializes in estate planning. If you don’t have one or know of one to call, ask us for referrals or check with family, friends, or co-workers for recommendations.
- Follow through on whatever actions are decided upon in the meeting with your attorney. Rely on the advice of your attorney and other professional advisors as you make your decisions.
- Share your plans with others. Key documents are of little or no value if no one knows what they say or where to find them when they are needed. This is especially true for the person(s) you have designated to serve as your personal administrator/ executor under your will or the trustee of your living trust. It is also important to give loved ones at least a general sense of what to expect, so that there will not be any surprises.
One of the greatest gifts you can give to your loved ones – and yourself – is the certainty that the assets you have accumulated over a lifetime will go to the people and places you hold dear to your heart.
Please contact Dana R. Taylor, CFRE to request a FREE estate planning guide, or to learn about the many ways you can support MUSC with your estate plan.
