I grew up in a family that loved to go camping. Every October, during a break from school, we went to a campground in Hatfield, Wis. Our family, along with a couple of friends, were the only ones in the entire campground.
All the moms would plan daily activities, one of them being a scavenger hunt. We would all head out with a plastic bag and our list of items to gather. Sometimes the items were easy to find, and other times the items were nearly impossible. As I have gotten older, these scavenger hunt moments are still some of my favorite childhood memories.Â
Let’s go on an estate planning scavenger hunt for your future!
This may sound silly, but you have been collecting items throughout your lifetime. Now is the perfect time to pull them all together to prepare for a successful estate planning meeting. Some items may be easy to find, and others may be nearly impossible. Either way, the earlier you start your scavenger hunt, the better.
If you are considering estate planning, there are a few things you can do to prepare for your meeting.
Step 1: Discuss your wishes with your loved ones
Discuss your end-of-life wishes with your spouse, children, and other important individuals in your life. This could include where you want your 1971 Ford Thunderbird to go or the plan for your funeral. This may feel like a heavy topic, but letting someone else know your wishes will help your legacy live on.
Make sure to write down your thoughts, so you have a plan started when you meet with an estate planning attorney. This will save you both time and money.
Step 2: Gather your assets and liabilities
Gather a list of your assets and liabilities. (This is the scavenger hunt.) It is also important to have documentation on these items, including titling and beneficiary designations.Â
Titling can be found in a recent statement. Beneficiary designations may require you to look online or on the account application.
Assets are anything that has value to you and may include any of the following:
- Real estate
- Primary residence, vacation home, time-share, investment properties, etc.
- Titling is shown through a deed or tax statement
- Bank accounts (including CDs and safe deposit boxes)
- Treasury Bonds
- Stock accounts (including those paper certificates you have hidden in your home)
- Retirement Plans
- IRAs, Roth IRAs, SEPs, 401(k)s, 403(b)s, etc.
- Annuity contracts
- Tangible personal property
- Cars, boats, campers, jewelry, firearms, artwork, etc.
- Life Insurance policies
- Business interests
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This might seem like a hefty list, but the great news is that we can help complete the list of assets and liabilities for you! We gather and update this information as part of the meeting process.
Step 3: Nominate someone to be your executor
Nominate a person or entity you want to act on your behalf. You will want to have someone in mind for all documents, which may include any of the following:
- Trust
- Will
- Financial Power of Attorney
- Healthcare Power of Attorney, etc.
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It is important to choose someone you trust and who is going to carry out your legacy. This could be a family member or a third party, depending on your family dynamic. It is important to discuss nominating this person with them before completing your documents. You will want to ensure this individual is willing to act on your behalf and understands your complete financial picture.
Step 4: Share your estate plan
Share your estate plan with your family, financial advisor, and the individuals you have nominated to act on your behalf. You have completed all the hard work. It would be disappointing for your loved ones to have to start a new scavenger hunt after you have passed away.
Final Thoughts
It is important to go into your estate meeting prepared, so write down your questions and bring them with you to your meeting.
If you are interested in starting the estate planning process, reach out to schedule a meeting with our team online or by calling 866-832-1173.Â
