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8 Action Items for Your Estate Planning Thumbnail

8 Action Items for Your Estate Planning

In our last blog post, Rob shared some personal experiences regarding estate pre-planning. We thought it would be helpful to provide some practical next steps. While this list may not cover everything for your situation, it should help you move the process forward.

1. Decide whom you want to communicate with about your future. Set a date and sit down together.

2. Make a list of all bank accounts, passwords, hard drive backup, investment records, and financial planning you have done, with people to contact. Give written permission to your loved ones to talk with your lawyer, accountant, and financial advisor. 

3. Make a list of all insurance policies, including life, disability, health, property, and anything else you own that will protect your heirs.

4. Make a copy of your mortgage statement, any other loans, and debts, financial statements and bank statements. Keep it in one place. Update quarterly, as these changes.

5. List your physicians, care providers, and medications. Give written permission for your loved ones to speak with your doctors. 

6. Create or have on hand information about your wishes for burial or disposition of your remains.

7. Make sure your will and/or trust is current. This may include a notarized durable power of attorney and an advanced health care directive.

8. Have a family meeting to give items 2-7 to your loved ones and explain them. 

All of the steps listed above are helpful in a thoughtful estate planning process. Please contact us if you would like some additional insights or referrals to estate planning specialists.

FVIM is an independent, fee-only registered investment advisor. We partner with individuals and families to manage investments and provide ongoing financial guidance relevant to their personal needs and goals.

The above tips came from Charles Schwab's webcast, "Protecting Senior and Vulnerable Investors from Exploitation" by Mikol S. Davis, Ph.D and Carolyn Rosenblatt.