Estate Planning You Can Do at Home
Getting a handle on your estate plan gives you peace of mind and ensures that your loved ones are able to follow your wishes.
How Much Do I Really Have?
Thinking about how much your estate is worth can raise all kinds of questions: Is there enough to retire on? Can I provide for my family? Fortunately, most people have more in their estate than they thought.
To get started, take the following three steps:
1. Make an inventory of your assets. Writing down what you have will help you estimate your net worth. If you are married, be sure to include your spouse’s assets and all jointly owned or community property. Use the current market value for everything you own and the face value (not cash value) for any life insurance. The chart on the next page is an easy way to list your figures.
Inventory Your Assets
Get your inventory worksheet by clicking the button on this page. It will download a simple page that you can complete on your device or print out and fill in by hand. Don’t worry about exact value amounts; your best estimate is a helpful start.
How Much Do I Really Have?
2. Decide who gets what. Once you’ve made an inventory of your property, you’re ready to decide where you want it to go. An advisor can help you understand which assets can be passed tax-free, depending on who they’re left to.
- Family. You can give your money to your significant other, either outright or in a trust, and also make plans in the event your significant other does not survive you. If you have children, you can give your money to them in equal or unequal shares, or you can create a trust for their benefit. Ensure you’ve thought of everyone as you make your designations.
- Charitable goals. A gift to us can take many forms, including a specific amount of money, a particular asset or a percentage of your estate.
- Special assets. Do you have jewelry, art objects or other prized possessions you would like to give to someone who would enjoy having them? Then say so in your will.
3. Meet with an estate planning attorney. After you complete the asset list and consider additional assets and circumstances, you are ready to meet with your attorney, who will draft your documents.