A key component of your estate plan’s success is being able to keep all the details organized. This helps you to make the best decisions on behalf of you and your family, and enables someone to find these critical documents if something happens to you.
Getting things organized can all also help you identify when there are gaps in your current estate planning. Once you know the gaps, setting up a meeting with a NJ estate planning attorney can help you cover all your bases with your incapacity, estate, asset protection, and business succession planning.
If you were to pass away suddenly, for example, this can save your loved ones from spending critical time searching for important documents in an already difficult period in their life. Here are a couple of top tips to stay organized:
- Keep a binder to store all of your information, including separate entries for cars, real estate and other personal property.
- Keep track of whether or not you’ve spend any amount on improvements, whether or not there is any debt against it, and the underlying value of the item.
- Take a look at each asset you own and decide whether or not this is something worth keeping. You might decide to sell this item now so that loved ones are not left with a financial burden in the future.
- Consider for the assets that you decide to keep, what would happen to that asset if you were gone.
Thinking about these decisions now can make it much easier for your family to go through the process of closing out your estate in an organized fashion.