estate planning checklist
Financial Progress Checklist
Towards the end of every year millions of people begin making something we call New Year Resolutions – usually aimed at being better the following year. Most people’s resolutions get dumped by the middle of February and they just go right back to ‘how things used to be’. One thing we need to realise is that with each passing year, you’re getting older and according to statistics the number one resolution in recent years is “Getting Out of Debt” ahead of “Loosing Weight” and “Being nicer to my family”. If this is the case, then special attention should be given to the financial aspect of our lives.
This year, 2010, is the begining of another decade and in addition to the yearly plans why don’t we just plan also for the next decade or two. At any given time it is advisable to always have 1-, 2-, 5- and 10-year plans.
You may have broken all your 20 resolutions for this year already but instead of giving up on your goals, i think it to revise and expand them to cover at least one decade.
Below is a Financial Checklist that i know will assist you in setting the goals for the next ten
years. The aim is for you to finish this decade on a high note so that as you age, you are getting better financially – whatever your age.
In Your 20s and 30s
- Write your will
- Set up a savings account (ISA in the UK)
- Buy a house – if you so desire
- Invest for growth in at least one Unit Trust (Mutual Fund)
- Get disability insurance, and life insurance (if you have dependants)
- Begin contributing to a retirement plan
In Your 40s and 50s
- Do all of the above if you haven’t already
- Invest for income as well as for growth
- Put part of your portfolio in tax-exempt investments
- Fund your retirement plan to the max
- Draw up a durable power of attorney or living trust, and a living will
- Consult a Solicitor if your estate is worth more than the Inheritance Tax threshold
- Pay off your mortgage before you retire
In Your 60s and at retirement
- Invest more for income but keep some growth stocks
- Aim to reinvest income and gains to beat inflation
- Review your will and estate plan
- Revise your will if it is out of date
- Investigate retirement housing
- Talk to you family about your estate plans and funeral wishes
This list is by no means comprehensive but it will give you some foundational goals to aim for. You may want to personalise the list by adding or removing some items to fit your individual life goals. Just create your checklist, set out your plan and work the plan.
About the Author
Niyi Adeoshun is a Money Management Coach whose passion is to inspire and motivate people who want to live a life of financial-freedom (from debt, credit cards, bank loans, even mortgages) in order to fulfil their main Godly calling in life. His Money Management Tips blog has helped many people across the globe.
Niyi is the author of the book “Milestones of Financial Freedom” – Simple Steps To Conquering Debt and Building Wealth. You may download a FREE chapter of the book from http://www.milestonesoffreedom.com
Would you be willing to pay money for a relocation package????
If you were planning on moving (not because of a job). would you be willing to pay for someone to find info for you at your request? some info that they could get you would be apt books, real estate books, school listings, utility, water, telephone, cable and internet providers, entertainment, recreation, jobs and libraries. All that you would have to do is fill out a checklist of what info you want. If this sounds good to you tell me how much you would be willing to pay and what this person would have to do to get business. thanks everyone
No, I would not be willing to pay money for the relocation package as you descript it. I can usually get this information for free online. There are a number of sources, such as welcome wagon, local government website, online map servers, and online phone book.
Many realtors or the local chamber of commerce .also provides this service
Estate Planning : Estate Planning Checklist
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