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A lot of Financial Zen members are currently going through the estate planning process with us and our favorite Bay Area estate attorney – Jennifer Jaynes.
To get you warmed up, below is a checklist of the decisions you’ll need to make to create yours.
(Don’t worry – these decisions are the hardest part.)
(By the way, if you don’t have an estate plan or aren’t in the process of putting one together, read this first – Do You Need an Estate Plan?)
Even after signing and dating your estate plan, your decisions are not permanent.
It can be amended at a minimal cost, and we’ll review it every 5 years to ensure it remains accurate and up-to-date.
Point being – don’t get paralyzed coming up with the perfect answer. Answer the best you can, and you can update it later if you need to.
Scenario: You and your spouse go down in the same plane while the kids are staying with grandma/grandpa.
Scenario: You’re hit by a bus, but don’t die. You’re in a vegetative state, unable to make your own decisions.
After making these decisions, talk to the people you’d like to designate. They can turn down the responsibility if/when the time comes.
Better to have those conversations now. (We’d be happy to be a part of that conversation to explain their responsibilities. Just let us know!)
An estate plan is one of the most important pieces of your financial health, but it’s also the most overlooked (and therefore undone).
Make sure you have one. It’s not for you. It’s for the loved ones you’d leave behind.
This blog is for educational purposes only and should not be considered financial or legal advice. These statements have been simplified to illustrate the concept. Consult your Financial Planner or Estate Attorney for help with your specific situation.