Download PDF of this article here: 5 Estate Planning Tasks You Shouldn’t Put Off
This week, Morningstar finance writer Christine Benz wrote a great informational article about estate planning. In it, she urges readers to update their estate planning documents, even if the estate tax remains in flux. Benz also notes that, “When you consider that real estate holdings are included in one’s total estate value, it’s not hard to see how reducing the exclusion amount to $1 million or less could touch a lot more families.”
If you don’t have time to read the article, here are the key estate planning to-dos:
1. Update your beneficiary designations.
2. Designate legal guardians for your kids.
3. Create a living will and last will and testament.
4. Draft powers of attorney.
5. Name an executor.
These are foundational tasks that everyone should do. If you have already done them, congratulations! You should still review your estate plan periodically, such as every year.