6 Things You Need to Plan for the Future
It's not pleasant to think about a time when you won't be here anymore. But it's very important to start thinking about this ahead of time so that you can prepare adequately. Many people pass away without a will, which makes things very complicated for the loved ones they leave behind.
Not only does a lack of thinking ahead mean more stress for your family, but it also means that people can do whatever they like with your assets. If you want to exert some control over what happens to your resources after you die, then you need to start making decisions now. Contact an estate planning attorney in Connecticut now to start making plans. Our Vernon lawyers are standing by to help you take the first step.
What Will Happen With Your Money
You will need to make a plan for what happens with your money. This includes your checking and savings accounts as well as retirement and investment accounts. if you have accounts at multiple institutions, then this process can get a bit complex. However, it's important to follow the instructions of each separate bank.
Thankfully, most financial institutions offer paperwork that is easy to download and fill out. If you need help, you can reach out to the bank and request the necessary documentation. You will probably need to select a beneficiary for each account and provide contact information for this person. You may need to sign digitally or go into a branch to complete your paperwork with a notary.
if you don't make a plan, your money could be locked up in the bank for years while the court sorts out who is entitled to what. If your relatives are prone to disagreement, it could be serious cause for dissension. Don't let this happen to your family. Make a clear plan today.
What Will Happen With Your Property
Now, you need to make a plan for what will happen with your property. This includes home(s), vehicles, and possessions. If you have any valuable assets, like an expensive wine collection or a collectible car, you should plan to leave very clear documentation about what should happen with your items.
You may prefer to liquidate your assets when you die and donate the proceeds to charity. Another option is to designate a specific family member or friend to inherit your special belongings when you pass.
It's important to make a plan not only for your most precious and valuable possessions but for the everyday ones too. After all, someone will have to deal with all your household items when you die. Make a plan for all the things you own. Even better, spend time reducing your physical possessions before you pass to make things easier.
What Will Happen With Your Digital Assets
You are one of the first generations who will need to think about what happens with their digital assets after death. When you pass away, you may leave behind multiple social media accounts, a browser history, and perhaps even digital investments like NFTs. You may have an external hard drive that stores family photos or important documents.
It is extremely important to make a plan for your digital assets. This can be as simple as designating someone to whom the assets will be transferred. But the most critical step is to keep your passwords organized so that people can unlock your accounts. It would be awful if someone was able to gain control of your digital assets and assume your identity after you pass. Avoid this by making a plan today. Put your passwords somewhere safe, and add a new copy to your will every time you update them.
What Will Happen With Bills, Insurance, and Other Ongoing Accounts Under Your Name
If you haven't already designated beneficiaries on your life insurance policy, now is the time to do so. It's also important to think about any ongoing bills or accounts under your name. For instance, if you pay for your grandson's utilities, what will happen after you pass away?
Take stock of all the regular payments coming out of your bank account. Speak with family about options to ensure that people are taken care of properly. Leave passwords and permissions for your family to access your accounts.
What Will Go Into Your Obituary
You have probably read some death notice that were excellent and some that were terrible. That's because most people don't write their own obituary. They leave that to whomever has the time and energy in the wake of your passing, which is usually a grieving spouse or a stressed-out adult child.
If you want to have some influence over your legacy -- or at least the newspaper announcement -- then you may wish to draft the obituary yourself now. For example, you might want to highlight your academic career or your contributions to a certain industry. You may want to express love for your niece's Little League accomplishments or encourage people to donate to a charity of your choice instead of sending flowers. Spend some time crafting a statement now, and share a copy with your family so they are prepared.
What Will Happen at Your Funeral
Of course the last thing you want to think about now is how you would like your funeral to go. Would you like to be interred or cremated? Would you prefer to have a small family gathering and a closed casket ceremony? Perhaps you'd like to install a memorial bench and invite the local community choir to perform.
If you have strong feelings about your funeral, it's important to get those thoughts down on paper ahead of time. You'll be helping out whichever family member is tasked with planning your memorial. If you have already chosen a playlist of songs and a selection of flowers, you'll be doing them a favor. Even better, set aside the money, or make pre-payments to ease the financial burden on your loved ones.
Contact our Estate Planning attorneys at our Vernon law firm to help with end-of-life preparations. This documentation should be prepared while you are of sound mind and body and then kept safe until the necessary time comes. Future generations will thank you for thinking ahead so carefully.