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The To-Do List Before We Die
You can find people discussing on issues to be handled before they leave the world. All of this might seem a tiresome work to undertake while alive, but they have to be completed anyway to keep your family in peace after your death. The issue with highest calling is the ascertaining of your value in regard to your property and assets, wisely planning who all should enjoy it when you are gone and as to who will handle all your legal issues.
Estate planning is what you should before your demise. This is the process of estimating all that you are worth for monetarily. You may like or dislike going through this procedure. But it is better to be performed because it will be an eye opener to your family regarding your care for their future.
To be very true, your to-do list may never end if you keep thinking of all you must do before the final day. But, remember there are priorities, doing first things first is what you should follow:
1. Validate what you are worth for in terms of money. Calculate the recent rate value of your house, your private business, vehicles and anything else of monetary value such as fixed deposits, bonds and trusts. Maintain clean documentation of them all and keep safe them in a bank locker or your home bureau. Putting a tabulated description of their approximate value would make it more clear and understandable. Only when you do this will you and your family know what you have stored up and what they can depend on in the future.
2. Make a rough value of what the materials in your holding are worth. This involves rating your material possession in your home to find out their worth. Do not include your bank accounts or fixed deposits, but target only those found in your household, such as antique furnishings, paintings, family treasures, jewelry and also old fashioned materials that are still worth a value. Begin your calculation with 100 dollars being your starting threshold for the materials you have to estimate the value for. Now you can separate your material possession into things of monetary value and things of sentimental value.
3. Keep your insurance and employers aware of the changes in your beneficiary list. Update them when required promptly with no delay. This will assure you that your dependants will benefit from your hard earned money when you are gone. There are lots of incidents like when without proper updating of the beneficiary list the money has to be given off to others like an ex-spouse or only two of your many children. In some states, improperly updated documentations may give the state rights to take up a portion of your money. The portion may amount up to 40% in certain areas. This will leave your loved ones with very little of what you planned and worked hard to give them for their future.
4. Don’t neglect the writing down of your will. Your will may not be something you prefer to complete when you are full of life and vigor, but it is certainly a clever thing to do. Mention all your valuables and their costs, clearly define who should get what share of your property. When this is done prior to death, the family is saved from lot of tense moments involving the sharing of property by the next important family member and will not have to wait for the court’s decision which could be a drag. Stop and take time to pen down your will and let your family enjoy all you want them to enjoy after your death.
5. Don’t stop with the writing of your will, move on by updating it when required. Your monetary value would have been topped up with you accumulating new properties or materials over the years. Take time to make a mention of these in your will. Failure to do so, will give the state rights to claim that property for itself. With the rise and fall of economy, values of some possessions would have taken a low down. Find these and see that the beneficiary who has rights to it has enough money value as others by allotting new or reallotting materials or properties.
6. Put down the amount of money you have taken as debt and are still accountable for, like how much you have to pay for your credit cards, home loans etc.. This is another important part you should certainly work on, because it will open your eyes to the reality of how much value you are still worth. Don’t forget to make necessary corrective steps if you realize you are actually spending more than what you should be for your monetary value.
Finishing with all of this is not what you should do stop at. After clearly enlisting your property, will and debts make sure you make it known to your legal advisor with whom you are well acquainted. This will give you contentment and you can be sure that the proceedings after your death will be according to your wishes and for the good of your family.
Supreme Court: The Term in Review (2008-2009) Part 2 of 2