Everyone who owns property or financial assets of any kind should have an estate plan for the future. Thinking of when the day comes that we are no longer around to manage our business affairs, it is good to know that everything is in order for loved ones who remain. However, preparing an estate plan is not necessarily a boring task. It actually provides the opportunity to take some meaningful action steps in protecting everything you have worked for.
Find an Efficient Firm
Find a legal firm or a financial planning expert to help you develop an estate plan. Ideally, the professional that you work with should have the relevant credentials for his or her industry as well as adequate experience to offer valuable advice. You can also consult the local business directory and do an online search as well as check social media like Linked in to find the best-qualified experts for assistance. This may also be a great way to make new business connections that are mutually beneficial now or in the future.
Take Pictures of Your Possessions
This can be a fun activity as you sort through your belongings to decide how to prioritize them from most valuable to least valuable, and who should get what as part of your estate plan. You might also develop more insight as to who is best suited among family members and close associates for managing your business affairs. Various roles can range from appointing an enduring power of attorney in case something happens to you temporarily, such as an accident or illness, or a permanent administrator of your personal estate when you pass on. Describing belongings by photo and deciding who is best qualified to carry out your wishes may be a very meaningful task.
Crunch Some Numbers
If you enjoy working with numbers and formulas, you might appreciate running some calculations to predict your asset values by the time you retire as well as at the estimated end of your life, although no one can predict that with certainty, of course. Getting an idea of what you will have, how much it will be worth, and who should benefit from those assets allows you to thoughtfully consider relationships with family members and friends.
Prepare a Multimedia Estate Plan
Combine photos, a written narrative, and a recorded audio segment of your estate plan. This will make it clearer for everyone to understand and perhaps cover the bases more comprehensively. A multimodal approach is likely to be more interesting and creative to prepare than simple written guidelines, and it will have more appeal to loved ones when the plan is activated.
Designating a power of attorney or writing a Will does not have to be boring. In fact, it can be stimulating, creative work that connects you to others in more meaningful ways while preparing a capable financial plan for your future.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most her time hiking, biking, and gardening. For more information contact Brooke via Twitter @BrookeChaplan.