When you have much less time to plan your finances than you thought

Personal Finance


Among these first tasks, Hoyt says, should be designating beneficiaries on your financial accounts. “It’s very basic, but it’s more powerful than a will,” he said. “That way, assets don’t have to go through probate.”

Another thing people may not know is that most brokerages let you attach transfer-on-death instructions to your non-retirement account.

In fact, transfer-on-death deeds can also be used in real estate in 27 states, including Arizona, Illinois, Indiana, Ohio, Texas and Washington, D.C. Exceptions include Connecticut, Florida, New Jersey, Pennsylvania and New York.

Next, detail your liabilities — mortgage, loans, credit card debt — and insurance policies for health, home and any vehicles.

You’ll want to have a contact list of people your family can reach out to for help. Include your lawyer, accountant, insurance agent and financial advisor. Write down everyone who needs to be in the loop.

Even if you already have an estate plan, it can be a good idea to consult with an attorney experienced in estate planning.



Source link

Products You May Like

Articles You May Like

Strong economy drives performance in high yield bonds, leveraged loans
If you win the Mega Millions jackpot, here’s how to maintain some privacy
American Airlines enters its first burger contest, New York Mets win
Investors should take a bite of this stock
Crypto exchange opens Dublin office as Brexit looms

Leave a Reply

Your email address will not be published. Required fields are marked *