Simple Actions for Investors to Take With Estate Planning

When you have a variety of investment accounts and interests, this can prove a problem for estate planning. Documenting all this information can make it easier for your chosen loved ones to take action in the future.

Investing has the potential for a great yield and return. However, several basic estate planning steps are often overlooked by investors that can expose you and your assets to unnecessary threats.

Start by creating an inventory of everything you own. Not being clear about all of the different accounts could mean that you miss out on important planning opportunities and fail to support your beneficiaries as you intended. It is very time consuming to make a list of all investment and bank accounts, especially if you’re an investor with numerous accounts working with several advisors. However, having this inventory started is a great way to avoid mistakes or overlooked accounts. You cannot be sure that your personal representative or executor will know where to find this information.

A second simple step to take for any wealthy investor is to identify the current beneficiaries on every account. By naming beneficiaries for these retirement or investment accounts, you ensure a smooth transition of these assets when the time comes. Make sure that you keep these beneficiaries up to date so that if your life circumstances change, such as going through a divorce, you have a list of beneficiaries that is most up to date with your personal desires.

For more help with incorporating all of your investment accounts as part of your estate planning, set up a time to work with an experienced estate planning lawyer in Michigan.


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