Estate planning is critical not only to provide for your loved ones after your death, but also to protect yourself and them while you are alive. If you are suddenly incapacitated, who will take care of your financial, medical, and legal decisions? But how can you put together a comprehensive estate plan? Where do you start? Follow this helpful estate planning checklist to see what to update and what to put on your “to-do” list:
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Making changes to a will – What is a codicil?
What happens when you need to make changes to a will? First of all, congratulations on already having a will! But as life goes on you may change your mind about the particular provisions in your will. Minor changes to a will can be done through a codicil. A codicil is a legal instrument that modifies a previous will.
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First step in estate planning? Check beneficiary designations
The easiest place to start estate planning is to make sure all your beneficiary designations and property titles are in the correct names. After all, major mistakes occur when you fail to check beneficiary designations. Beneficiaries are people you name to receive your property once you die.
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