You need to do some estate planning. Even if you think that you do not, you do.
Your possessions will not just magically go to whomever you want after you pass away, if you do not make some sort of estate plan.
While you should visit an estate planning attorney and get the most comprehensive estate plan that you can get, you might wonder what the absolute minimal amount of estate planning you can do to make sure that you have everything done that is absolutely necessary.
Recently, Fidelity discussed that in “Estate planning must dos.”
There are really two things that must be done at a minimum.
First, you need to check beneficiaries on documents such as life insurance policies and retirement accounts. These beneficiaries are legally entitled to the proceeds of the accounts after you pass away.
The second thing you absolutely must do is to title any real property you have appropriately. Of course, what is appropriate titling, depends on your individual family situation and is something you should discuss with an attorney.
Those are the two absolute basic minimal estate planning requirements.
If you do not want to do just the minimum and would prefer to do more, talk to an estate planning attorney about what more you can do. Our site provides information on the basic estate documents you need for fundamental planning.
Reference: Fidelity (March 27, 2017) “Estate planning must dos.”