Estate Planning From Inventory to Structure

March 16, 2017

 

Once you know that you need a solid estate plan to help you accomplish your goals, the next step is to conduct an inventory. You have to know what you have and what might be included in your estate before you attend a meeting with your estate planning lawyer. Many people find themselves overwhelmed by the prospect of putting together an estate plan, but the good news is that it does not have to be difficult. estate planning lawyer NJ09

Make sure you consider the following in putting together an inventory:

  • Recent statements from your brokerage, retirement, and bank accounts
  • All liabilities, including your mortgage
  • All physical assets like cars and jewelry inside your home
  • All your insurance policies, including info on death benefits and cash values
  • Reference all the locations of your safety deposit boxes

 

After meeting with your estate planning, you’ll have a better sense of what you need to do in order to make the most of your estate plan. It’s critical that you follow through since your estate plan is only as valuable as the structure and the follow-up you implement. This means that if you have set up a trust, you need to fund it properly. You need to make sure that any property you have mentioned in your estate plan has the right titles, too. These might seem like small steps, but they actually matter a lot if something were to happen to you. Taking the right action now makes it easier to stay on top of the necessary changes in your plan overall, too.

 

Ready to talk about how to make the most of estate planning? Schedule a consultation with a New Jersey estate planning lawyer now to learn more about what you need to know.


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Should You Gift Money to Your Children Now or Leave It to Them Later?

Should you give money to your children during your lifetime or leave it as an inheritance? Explore the family, tax, control, and legacy considerations that can help guide the decision. For many successful families, estate planning eventually raises ...

<p>The post Should You Gift Money to Your Children Now or Leave It to Them Later? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

What Happens to Your Financial Life When You Retire? A 12-Month Checklist

Retirement changes more than your work schedule. Use this 12-month retirement checklist to review Medicare, Social Security, cash flow, portfolio withdrawals, taxes, estate documents, and employer benefits. Retirement is often described as a milestone, but financially, it ...

<p>The post What Happens to Your Financial Life When You Retire? A 12-Month Checklist first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Your Mid-Year Financial Checkup: 6 Questions High-Net-Worth Families and Business Owners Should Ask

More than halfway through 2026, now is a smart time for business owners and high-net-worth families to review taxes, estate planning, cash, investments, insurance, and major life changes before year-end. August can be ...

<p>The post Your Mid-Year Financial Checkup: 6 Questions High-Net-Worth Families and Business Owners Should Ask first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>