![\"Estate](\"https:\/\/intrinsicwealthcounsel.com\/wp-content\/uploads\/2018\/11\/blue-ballpoint-pen-and-a-last-will-and-testament-picture-id589584284.jpg\" "\\"\\"")
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The tabloids are full of stories about celebrities who have passed away without wills or other end-of-life documents in place. From Elvis Presley to \u2013 most recently \u2013 Prince, celebrities often break this cardinal rule of financial planning, leaving their families to divvy up their assets.<\/p>\n
But celebrities aren\u2019t the only people who should have estate plans. Everyone \u2013 regardless of income level \u2013 should have a plan in place to make sure their financial affairs are in order after they pass on.<\/p>\n
As you begin developing your own estate plan, consider these tips:<\/p>\n
Take Inventory of What You Have and Determine its Value:<\/strong> Taking inventory of your belongings is the first step to developing a comprehensive estate plan. Any and all items you can make decisions about \u2013 including financial assets, real estate, and even intangible property such as patents or copyrights \u2013 should be accounted for. Then, determine the financial value of each asset. Debt should also be taken into account. Remember to take an inventory of your beneficiary designations on IRA accounts, life insurance and group benefits. Make sure the beneficiaries listed are still the ones you want.<\/p>\n Choose Your Beneficiaries and Decision Makers:<\/strong> These designations are crucial to estate planning. Beneficiaries \u2013 the recipients of your funds, trusts, or property \u2013 are typically a spouse, child, relative or friend.\u00a0 They can be decision makers too. Choose someone responsible who can be charged with administering the assets of your estate, takes care of any remaining financial obligations, and ensures your wishes are carried out.<\/p>\n