1. Catalog your Assets

Catalog your assets, so you know what you have in tangible and intangible assets.

  1. Protect your Family 

Life insurance – do you have enough life insurance? If you are the primary breadwinner in your family, it’s essential to make sure you are leaving your family in a favorable financial position. Evaluate your life insurance policy and ensure you are adequately insured.

Disability insurance – if you don’t have disability insurance, consider a policy. Disability insurance protects your ability to make a living. If your family relies on your income, disability insurance may be a good idea.

  1. Establish Directives

Living Will – also known as a medical care directive, spells out your wishes for medical care if you become unable to make those decisions yourself.

A durable financial power of attorney – allows someone else to manage your financial affairs if you are medically unable to do so. Your designated agent can act on your behalf in financial and legal situations, as directed in the document when you can’t.

A limited power of attorney – if the idea of turning over everything to someone else doesn’t sound appealing, then a limited power of attorney can allow you to give limits to whomever you named as your representative.

  1. Review or Updated Your Beneficiaries

Check your retirement and insurance accounts and update your beneficiaries on your accounts. The recipients listed on these types of accounts will often outweigh anything you have registered in your will.  

  1. Decide if You Want to Make Charitable Contributions

You will want to decide if you will want charitable giving to be apart of your legacy. Consider any organization that you support and determine if you wish to donate to them.