Timothy J. Buckley shares important tips for estate planning for people from every walk of life:
Determine what your goals are for passing on your assets at the time of your death. Do you want to keep everything in the family? Are you interested in benefitting a charity?
Understand your assets by meeting with a financial advisor to discuss them, as well as your goals and what financial planning can do for you.
Write a will
Meet with an experienced estate planning attorney to discuss your goals, and learn how properly drafted wills, trusts and powers of attorney can benefit you during your life and after your death.
Share your goals with those who will benefit from your estate planning. Talk to your family members so that there are no misunderstandings as to whom you want to man¬age your assets if you become disabled or incapacitated, and how you want your estate managed and distributed at your death.
Review your estate plan regularly. Times change, circum¬stances change and laws change. Make sure your planning doesn’t fail because of changes over time.
Bonus tip for those without an estate plan
Don’t wait until it’s too late. You never know what the future holds. Knowing you have your planning tools in order can give you added peace of mind.