E316 Estate Planning Dos and Don't Bothers for Solo Agers

<p>Since we do so many probates, we see what parts of your planning actually helped with probate (dos), and which ones didn’t really matter (don't bothers).</p> <p>We are reviewing this info so that you don’t spend too much of your valuable time on planning that won’t help all that much. This is based on our annual executor check in calls, in which we hear from our clients who have well intended plans to gather information for us, should we need it. Which in most cases, we don’t. We are trying to save you stress and make the estate planning process a little bit easier.</p> <h2>Solo ager estate planning “dos”</h2> <p><img class="aligncenter size-medium wp-image-43829" src= "https://anthonyspark.com/wp-content/uploads/2023/05/Solo-ager-estate-planning-dos-300x169.jpg" alt="Solo ager estate planning “dos”" width="300" height= "169" /></p> <p>Good and proper <a href= "https://anthonyspark.com/e244-who-should-have-the-original-will/">storage of original documents</a> is important. It’s best to keep the original with your professional executor or other third party. Do not keep it yourself. This is for many reasons, such as access your home or apartment. Additionally, if a third party loses your will, probate could still move forward with a copy. However, if you lose it, it’s presumed that you intentionally destroyed it. Same goes for a safe deposit box – it’s hard to get access to this. It’s not impossible, but it’s very challenging.</p> <p>Update your emergency contacts and be sure your executor is among those listed. An emergency contact list should be given to someone who will know of your death. This could be a building manager, doorman, neighbor, primary care physician, etc. You want to make sure they know who to notify in the event of your passing, including of importance, your executor and next of kin.</p> <p>You should also review your beneficiary designations. We have talked before about <a href= "https://anthonyspark.com/e312-why-beneficiary-designations-are-bad/"> why we don’t like beneficiary designations</