Insight from the Law office of Joseph Marino, PC

Estate planning is the process of deciding who will inherit and manage your assets after your death. You should have several important legal documents on hand as part of your estate planning. Not sure where to begin? Follow this checklist to ensure you've covered all bases.

List Your Belongings

Everything you own is considered part of your estate. Taking note of your assets is the first step to protecting them. You may feel you don't need estate planning — but, then again, you likely have way more tangible and intangible possessions than you might originally estimate.

So, take a look around and list everything. Tangible assets might include houses, cars, jewelry, and other personal items. Intangible assets include checking and savings accounts, stocks, bonds, and mutual funds. After inventorying your tangible and intangible assets, value them.

Create an Estate Plan

Prepare for your meeting with an experienced estate planning attorney like from the offices of Joseph Marino PC. By answering some critical questions about how to handle your assets:

• Which kin should inherit your wealth, and how much of it?
• Who should look after your children?
• How much do you need to care for and educate your children?
• In the event of your incapacitation, who should manage your finances?
• Who should be in charge of the distribution of your assets?

Financial and Insurance Policies

All of your insurance policy documentation, including those for life, health, car, and house, should be kept in one place. Maintaining a list of all your financial accounts and your methods to access them is also a good idea. Everything from credit cards to mortgages to tax refunds to pensions to retirement benefits to investment portfolios is included in this category. As part of your estate planning preparations, you may want to keep track of this information in an Excel spreadsheet or a notebook.

Identity Documents

Keeping all of your proof of identity in a single location makes it easier for your attorney to locate them. The documents you'll need to prove your identity include your driver's license, passport, birth certificate, marriage certificate, divorce decree, and any service discharge documents.

Implement Your Estate Plan

Consult an estate planning attorney to write your will, medical and financial powers of attorney, and trust paperwork. Consider the following suggestions.

• Set up a trust and fund it quickly. If you don't, the agreement is nullified, and your assets may not go to your intended beneficiaries.
• Review and update your beneficiaries on all investment accounts.
• Be sure to retitle all assets you intend to include in the trust and retain copies of the required documents to reflect this ownership change.

Keep Your Estate Plan Up to Date

As your circumstances change or current regulations change, you should review and update your records and accounts. To ensure that your assets are dispersed per your desires, ensure that your beneficiary designations are updated.

Conclusion

Ignorance is the biggest estate planning enemy. Without effective planning, estate taxes might be paid in excess, causing family disputes, asset theft, and extended court battles. So, start planning today!

The Law Offices of Joseph Marino, PC, are a great choice if you're looking for a Long Island attorney. Whether you need help with a real estate transaction or an elder law case, our Sayville and Long Island elder law attorneys have over 25 years of experience.