Different professionals have different roles in your financial well-being. Accountants can assist you with your tax returns. Retirement planners can assist you with your investments. And, as Morningstar explains in “Get Your Estate Plan in Gear” estate planning attorneys can assist you with an estate plan.
The article discusses a couple looking for retirement advice. They wanted to make sure their daughter with special needs would be adequately provided for after they passed away.
The author suggested that they get an estate plan and gave some tips about how to do it, including:
- Hire an attorney who specializes in estate planning. If you want to make sure that your loved ones are taken care of, then you do not want to create an estate plan on your own.
- Take stock of all the assets you own so you know what needs to be distributed in your estate plan.
- Figure out who you want to include in your estate plan as heirs, beneficiaries and in key roles, such as executors and trustees.
- Try to learn what type of estate planning documents you might need. If you are not certain, then make sure that you let your attorney know that.
- After you get an estate plan from the attorney, make sure you manage the physical documents themselves so they are in good shape and can be found if anything happens to you.
- Keep your estate plan up to date and makes changes whenever your life circumstances change.
Reference: Morningstar (Sept. 23, 2016) “Get Your Estate Plan in Gear.”