Attorney John O'Grady offers these tips for getting -- and keeping -- your affairs in order.
How will protect the legacy of your estate?
Estate Planning Lawyer John O?Grady recently offered some sound advice to SevenPonds readers for launching the tough conversation about end-of-life and getting started with creating a Will through his interview for our Professional Advice segment. We know this is a tricky topic, so we asked John if he could share just a little more. He?s flush with information, and we?re so grateful for his generosity in sharing it for all of you!
These ten estate planning tips were originally published by John O?Grady, and they?re published here in full with his permission.
1. Talk it Over. The road to solid estate planning is paved with communication. Get your trusted loved ones and advisors involved. The fewer surprises to your survivors after your death, the less chance there will be confusion or disputes. An estate plan is a great idea regardless of your net worth.
2. Work with Your Estate Lawyer. Cultivate a long-term dialogue with your estate planning lawyer long before you are in a hurry to get something done. Often you get what you pay for. Bear in mind that a poorly done (?inexpensive?) estate plan can result in unnecessary headache and expense down the road.
3. Take Your Time and Be Relentless. Take time to consider all of your options. Ask questions of your lawyer and your loved ones and be sure that they are answered to your satisfaction.
4. Update Beneficiary Designations. Name beneficiaries for retirement plans such as IRAs, life insurance policies and some types of jointly-held accounts. These designations preempt anything specified in your Will. Contact your financial institutions to review yours.
5. Choose Successors Wisely. Designate individuals that you trust the most to act on your behalf, not merely the oldest child or the closest relative. Your designee should be competent, trustworthy, willing to take on the burden of your affairs and financially secure. Consider a professional or corporate trustee if you do not feel comfortable with anyone else.
6. Remember that it is Only a Plan. You will learn much by living with your plan for a while. Plans are made to be changed. Review all of your estate planning documents and beneficiary designations every 3-5 years and after any major life event (e.g. marriage/divorce, death, birth, significant change in financial situation, move, or change in property ownership). You may amend your estate plans during your lifetime.
7. Pay Attention. Make sure names are spelled correctly in all estate plan documents. Your documents should clearly specify who will inherit your property if those you name predecease you.
8. Consider Your Digital Assets. A list of all computer accounts and passwords for your successor trustee can protect your assets and eliminate needless detective work and stress for your grieving loved ones upon your death or disability. Consider everything stored on a computer or in the cloud, including bank, credit card or investment accounts; insurance policies, intellectual property and personal files.
9. Leave a Trail. Make sure that each and every person who needs to find your paperwork after your death knows where to look. Establish at least two secure places (one in another state, if possible), and ensure there is a complete and up-to-date set of documents in both places at all times. make it easy for them to locate your bank accounts, passwords, life insurance policies, funeral arrangements, etc.
10. Celebrate When You Update Your Estate Plan! Signing your estate planning documents is a big step. Enjoy being someone who lives fully by facing the difficult questions of life, incapacity, and death while powerfully providing for yourself and your loved ones!
For more estate-planning advice from John, see our interview How Do I Begin Estate Planning? You can reach John at (415) 986-8500 for a free preliminary telephone consultation, and check out the estate planning guides at his website.
Source: http://blog.sevenponds.com/something-special/ten-estate-planning-tips
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