Your Money Matters






March 2012 Issue


Estate Planning: 10 Simple Steps


Estate planning is about life - in the present and in the future. Most importantly, estate planning is about the life of your family and loved ones - and the peace of mind you get from helping to preserve their financial security.

By its very nature, estate planning is a difficult subject to discuss - even more so to plan for because it forces us to come to terms with our own mortality. Yet it's something you need to talk about openly with your loved ones today because you can't do so after you're gone - or after they're gone.

Estate planning is usually guided by:

A) Three rational motivations

1. Provide adequately for family members and/or other loved ones

2. Ensure that your estate is distributed in the most timely manner possible after your death

3. Minimize taxes - during your lifetime and, equally important, for the beneficiaries of your estate.

B) Three emotional motivations

1. Gain comfort from knowing your loved ones are well looked after

2. Feel secure knowing that settling your affairs will not add more stress to those grieving for you

3. Rest assured that your estate will be distributed the way you wish

Here's a 10-step checklist for estate planning:
 

Step		To Do	Pending	Complete	Notes
1.	Consult and retain appropriate professionals
2.	Draw up a household balance sheet
3.	Understand your life insurance needs
4.	Draw up your will
5.	Establish Power of Attorney for property
6.	Establish Power of Attorney for personal care
7.	Minimize taxes and administration fees
8.	Keep track of accounts and important information
9.	Let someone know
10.	Review and update your estate plan regularly

If you would like to get your estate plan started, or get details on any of these steps, please do not hesitate to contact us. We would love to help you achieve peace of mind.

Source Invesco Trimark


Theresa Wever and the Money Concepts Team

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