Estate planning checklist aarp4/16/2024 ![]() ![]() It's important to keep these designations up-to-date, as they can have a major impact on how your estate is distributed. Update your beneficiary designationsīeneficiary designations are the instructions you give to financial institutions about who should receive the money in certain accounts after you die. You should review all of your policies and make sure they still meet your needs. Insurance policies are an important part of estate planning, as they can provide financial security for your loved ones after you die. It's important to create or update your estate plan regularly, as this ensures that it always reflects your current situation. Create or update your estate planĪn estate plan is a document that contains all the information about your finances and property in one place. This will help ensure that your loved ones don't have to stress about making these decisions at an already difficult time. Make funeral arrangementsįuneral arrangements can be a difficult task, but it's important to think about them ahead of time. This is an important document to have, as it ensures that your wishes are carried out even if you can't communicate them yourself. Draft a living willĪ living will is a document that sets out your wishes for medical treatment if you become unable to make decisions for yourself. You can either sell it, give it away, or donate it to a charity. If you have property that you don't want to leave to your beneficiaries, you need to decide what to do with it. You should carefully choose who you want to receive your assets, as this can have a significant impact on their lives. Choose beneficiariesīeneficiaries are the people or organizations who will receive your assets after your death. You should choose someone you trust who is capable of handling this responsibility. Name an executorĪn executor is the person who will be responsible for carrying out your wishes as set out in your will. It's important to make a will, as it ensures that your assets are distributed in accordance with your wishes, rather than those of the state. A will is a document that sets out your wishes for how your assets should be distributed after your death.
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