Over time, California residents can spend their lives building up a long list of assets. Understandably, most people want their hard-earned assets to go to family members or friends after passing away. That’s where the power of estate planning comes into the picture. Estate planning allows you to sort your affairs while you’re alive.
Creating a list of your assets
You need to have a photographic memory to remember all the valuable things you own. Fortunately, you can make things easy by creating a list of your assets. This list becomes increasingly helpful to have as you continue the estate planning process, including drafting your will. After making a list of assets, it’s also wise to prepare a list of all your current debts.
Adding beneficiaries to your accounts
Throughout the estate planning process, you’ll likely come across multiple accounts for life insurance, retirement and similar matters. Be sure that each account has a beneficiary attached to it. It’s also a good idea to update your beneficiaries on what accounts you list them on so that they know what to expect.
Choosing someone to administer your estate
No matter how well and thorough you are with estate planning, someone must step in after you pass away to begin administering your estate. This person is typically known as an estate executor or administrator. While making this selection, ensure you pick someone reliable and capable of not letting emotions stop them from executing your final wishes.
Many people understandably find estate planning to be a semi-uncomfortable subject. But taking care of estate planning matters now saves everyone you leave behind a lot of hassle and confusion.