by nicholas Vanikiotis
WITH THE MARKETS in constant turmoil, planning for the here and now seems daunting enough; planning for the after-I-die is even less appealing. Nobody likes talking about death, telling relatives what they’re going to inherit or wading into jargon like terminable interest property. But if you haven’t figured out where you ultimately want your investments and property to go, you won’t control what happens to your savings when you die—and your family will be forced to make hard decisions without your guidance. The stretch between Thanksgiving and New Year’s is a great time for reflection and resolution. Here’s how to get on the ball.
First, take stock of everything you own: Your estate includes not just your personal belongings and investments but also your home, life insurance and retirement savings plan assets, as well as your share of any jointly owned property. You must not only decide where you want each piece to go after you die but also inform your loved ones. If this sounds difficult, start by literally cataloging how you have piled up your most important possessions; connect the work you’ve done with the things in your life that hold the most meaning. Using your life story as a narrative, write down what you’ve accumulated and develop a list of your most significant purchases and investments. Then when you divide up your estate, you will be working from a sense of pride in your accomplishments, not anxiety about death—and your heirs may be fascinated by the details that emerge.
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