Estate Planning

Estate planning involves determining how an individual’s assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual’s properties and financial obligations in the event that they become incapacitated. Contrary to what most people believe, this isn’t a tool meant just for the ultra-wealthy. In fact, anyone can and should consider estate planning.

The following table serves as a Checklist when it comes to planning your estate:

Task	Considerations
1. Make a list of all your assets.	Be sure to include any physical assets like real estates and precious metals along with any bank accounts, insurance policies and annuities.
2. Make a list of all your debts	This list should include everything you owe, including any loans
3. Make copies of your lists	If you have multiple beneficiaries, it helps to make multiple copies for each one to have at their disposal.
4. Review your retirement accounts	This is important, especially for accounts that have beneficiaries attached to them. Remember, any accounts with a beneficiary pass directly to them so it doesn’t matter what your will states.
5. Review your insurance and annuities	Make sure your beneficiary information is up to date and all of your other information is accurate.
6. Set up joint accounts or transfer of death designations	Joint accounts, especially checking and savings accounts, do not have to go through the probate process as long as there is a right of survivorship. This means the account moves directly from the deceased to the surviving owner. Similarly, a transfer of death designation allows you to name an individual who can take over the account after you die without probate.
7. Choose your estate administrator	This individual is responsible for taking care of your financial matters after you die. Choose someone you trust your spouse may not be the right person as they may not be in the right person as they may not in the right emotional space to take over your finances.
8. Write your will	Will don’t just unravel any financial uncertainty, they can also lay out plans for your minor children and pets, and you can also instruct your family/estate to make charitable donations with the money you leave behind.
9. Review your documents	Make sure you look over everything every couples of years and make changes whenever and wherever you see fit

Service:
Estate Planning
Location:
India