How is Your Estate Plan Looking for Father’s Day? (Part 2 of 3)

Part 2 or 3

Happy Father’s Day to all the dads, granddads, uncles and other men who have been mentors to young people. We celebrate the wonderful contributions that you have made. Enjoy your day and know that you are appreciated.

What happens to your assets when you are gone? The answer to that question is based on what you do now to address the distribution of your property. Waiting for a more opportune time to tackle the estate planning topic can have disastrous results for your family.

How is Your Estate Plan Looking for Father’s Day? Part 2 is the beginning of a 3 part Series. Part 2 will focus on two ideas to get you started:

Take Inventory

Look at what you have and determine who you would like to have certain assets (e.g., house, car, painting, train collection, sports memorabilla). Bank accounts, retirement accounts, life insurance and other financial assets can be handled by keeping your beneficiary designation forms up to date.

Make sure that you inform a trusted individual about online bank accounts and insurances. Due to the increase in internet banking, many families are finding online accounts that they never knew a loved one had. Sometimes the lack of knowledge can be costly, like in the case of an insurance policy that lapsed due to lack of payment because no one in the family knew the policy existed.

Do not forget your digital assets (photos, videos, music). What happens to your online footprint on social media? Who has pass-codes to my email accounts, if I am unable to access them? Do you have a trusted individual you can share this information with?

Hire a Professional

Quick fixes and low cost options are less than ideal when dealing with estate planning. If you cut corners now, the price to make adjustments or pick up the pieces later can be significant. In addition, seeking the advice of your financial advisor, attorney, accountant or other professional is wise.

What if you have a child who has special needs and receives assistance? Do not want to jeopardize crucial benefits by leaving an outright inheritance to that child? Would you like to have a trust set up for minors with provisions for their education?

Are you dealing with tax issues? Would you like to leave a gift to your favorite charity? Professionals can help coordinate the best plan for your circumstances, wishes and desires.

Estate planning has many components. The items listed above are just a few of the things that you should consider when putting your estate plan together.

Check back with the abettslawblog.com for Part 3 of this Series for Men.

Aquanetta J. Betts is an attorney licensed in Washington, DC and Maryland. This post is for informational purposes only and is not intended to provide legal advice.