Estate planning tips

July 12, 2009 7:18:42 AM PDT
As the custody battle plays out after Michael Jackson's death, it's a reminder we should make sure our wishes on our estate and will are clear before it's too late. Alan Kahn, President of AJK Financial Group, joined us with tips. Why is Estate Planning So Important???

Estate Planning will ascertain that your assets go to your intended heirs.
You do not leave behind an Administrative Nightmare.

What Should We Be Thinking About to Begin the Estate Planning Process?

Wills:
A) Review & Update Wills for Life Events:
Births, Marriages, Divorces, Deaths.

B) Review Guardians for your children
Who will care for children?
Who will manage money for children?
**Has Relationship, Health of Guardian changed?**

C) Health Care Proxy Form
This form gives the person you choose as your agent the authority to make all health care decisions for you.

Life Insurance:
Has coverage & beneficiary designations been updated?
(Passes by operation of law - outside of probate.)

Retirement Assets-----IRA's, 401k's, Pension: (Pass by operation of law---outside of probate---Not by Will)

A) Review primary and contingent beneficiaries

How Can We Make the Process Easier?

1) Prepare Emergency List for Family Members

A) List Advisors' Names, Addresses and Phone Numbers
Attorney
Accountant
Financial Advisor

B) Summary of Insurance & Assets

C) Location of Important Documents
Wills, Trusts, Health Care Proxies, Powers of Attorney


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