Research has shown that procrastination is a worse societal problem now than it was two decades ago. But who can blame us? We have televisions in nearly every room; computers that play games, videos, and music; and endless distractions from e–mail, cell phones, and the Internet.
One task that people are extremely likely to put off until tomorrow is helping to ensure that their estates are in order. Most of us have no shortage of reasons to postpone a task that could be potentially unpleasant, especially when the results aren’t immediate. Yet, according to the research, people who procrastinate tend to be less healthy and happy, and they have less money than their go–getter counterparts.
Retirement Accounts
Are you aware that your retirement accounts have beneficiary designations that override any instructions in your will? If you can’t recall whom you designated as the beneficiary (or beneficiaries) of your retirement accounts, you may be leaving the funds to someone other than your first choice.
Life Insurance Policies
Life events such as birth, divorce, illness, and death can all influence whom you should name as the beneficiaries of your life insurance policy. Are you certain that the people you originally named are the same people you would want to inherit your life insurance proceeds today?
Trusts
If you set up a trust to own specific assets, it’s important to make sure that you add any assets you may have acquired after the trust was established. Also make certain that the trustee you selected to administer the trust is still your preferred choice and is healthy enough to carry out your instructions. You might consider reviewing your instructions on a regular basis to ensure that the trust will be administered according to your wishes.
Estate issues are potentially uncomfortable to contemplate, but they are a critical aspect of your overall financial situation. Now may be a good time to schedule a review of your situation.
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