The holidays are a good time to make estate planning decisions, says Jay Nabors, a Cleveland-based attorney who focuses on estate planning.
“This is the time of year when family members are visiting, so getting your affairs in order and then letting your loved ones in on the details makes good sense,” Jay advises. “Sit down with your loved ones and go over the finer points of your estate. That way there are no surprises.”
Jay suggests making a list of the following:
- Your bank accounts and where they are located, as well as who is on each account
- Any retirement accounts
- Any property you may own and where it’s located
- Any investments you may have and with which brokerage(s)
- Any life insurance policies you may hold
- The beneficiaries named for any of the above
Jay says your estate plan is the roadmap your loved ones will follow when you die. Helping them locate important documents and information saves not only time, but also a considerable amount of money.
“If an attorney has to get involved in helping to locate information, or probate court has to get involved, those costs can add up quickly,” he cautions. “It’s also smart to have an attorney review your affairs in advance to see if there are adjustments that can be made to avoid probate court altogether.”
To read the full article click here: Mimi Vanderhaven | Your estate planning roadmap