It is never too late to begin. The first step: Inventory all your assets. These comprise of your investments, accounts for retirement, insurance policies, real estate, interests in business and valuable possessions – in financial or sentimental terms – like jewelry, vehicles, valuable paintings, or your great-grandfather’s coin collection.
Following that, decide what you want to fulfill with those assets and who is going to inherit them. At this point it’s the time to think about individuals you would put your trust in to manage your business matters and medical care in case you become debilitated.
After you determine what types of bequests you want to make, go over your plans with your heirs. The faster and more specific you summarize your goals to your family and friends, the less of chance there will be for conflicts after you pass away.
It’s never too early to start. Your first step: Take stock of all your assets. These include your investments. (n.d.). When should I start my estate planning? Retrieved September 23, 2020, from https://money.cnn.com/retirement/guide/estateplanning_basics.moneymag/index2.htm
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