Your estate plan can be simple or complicated. It also includes specifics about your medical wishes and who you want to take care of your kids or pets. So, what exactly is estate planning? Estate planning is just a fancy legal-ish term for what you want to happen to your money and your stuff when you die or become disabled. But whether your net worth is big or small, having an estate plan is definitely not something to put off. Sure, those folks need a plan, but even if your net worth is camped out on zero as you’re paying down debt or building up some wealth, estate planning is still for you.Īctually, if your net worth is a bit on the slim side, it will be much easier for you to set up your estate plan. We encourage you to seek appropriate medical, legal, tax and financial resources as needed, based on your personal circumstances.An estate planning checklist isn’t just for Downton Abbey types with multiple mansions and yachts. This is a lot to digest, but we hope that we've provided you with a starting point for more detailed consideration and discussions. See note1 You may also need to look at palliative or hospice care. Understand your options for managing pain toward the end of life. Choose a guardian carefully since they may have to serve in this role for years, and they should be willing and able to do so. It's important to plan for the custody or guardianship of minors, other dependents such as elderly parents or special needs persons, and pets. If you're contributing to a retirement savings plan like a 401(k), decide if you want to continue contributions - especially if you receive an employer match. See note1 This is also a good time to look at your beneficiary designations for employee benefits, such as life insurance, pensions and employer-provided retirement plans. Know your rights if you're employed.Ĭontact human resources to review your paid time off, short-term and long-term disability benefits, and continued health care coverage due to job loss under COBRA.
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