Having a will is just as important for ordinary folks as it is for multi-
millionaires–and failing to organize your estate is a major financial mistake for anyone. CNBC’s Sharon Epperson offers simple steps to help you set up your will.
Check out the extremely useful video HERE or click on the image above.
If you can’t watch at the moment, here is a recap:
1. Start out by making a list of your debts, property and other valuables.
“Get everything together and figure out what you want to do in terms of who gets what, and that will determine how complex your estate plan needs to be,” said Josh King, chief legal officer at Avvo, an online marketplace that rates lawyers and connects users with estate-planning attorneys in their area.
2. Ask yourself “Where do you want those assets to go?” “Who will handle your affairs?” If you have children “Who will be their guardian?”
3. Designate key players to handle your estate, that includes an executor (referred to as a Personal Representative in Florida) who will carry out your wishes.
For documents you need during your lifetime, Ms. Epperson continues:
4. And a Durable Power of Attorney for handling financial matters.
5. Also draft a Living Will and assign a medical power of attorney (referred to as a Designation of Healthcare Surrogate in Florida). A Living Will is a legal document that states whether you want life sustaining treatment if you become incapacitated. Your [Designation of Healthcare Surrogate] gives someone the right to make your healthcare decisions if you are unable to do so.
6. Finally, update your beneficiaries. Look over your bank, brokerage and other accounts to make sure your assets will go to the right people.
Need advice? Consult an Estate Planning Attorney. You want to have all of your affairs in order so you can breathe easy and retire well.