Mary Currie: Planning for the future saves loved ones time, stress

We never know when sickness, other serious health issues and even death will happen. Now is a good time to review what plans we have to complete before it is too late. Below are four areas you should get started on to make sure your assets are going where you want them to end up to save your beneficiaries time and money.

The first step is to review your will to make sure it is up-to-date. If you don’t have a will, make it a high priority. Call your attorney and get a will completed. If you do not have an attorney, ask your accountant, friend or someone you trust for a reference in selecting an attorney to work with on updating your will.

Make sure you don’t overlook these items when updating your will:

Bank accounts: Make sure you have a payable on death designation in place. This is so your accounts will be payable to the person or people you list on your account at the time of your passing. See someone at your bank; they will direct you further about setting this up.Investment accounts: Make sure you have a transfer on death designation in place. Similar to the payable on death designation for bank accounts, this will allow for your investment accounts to be automatically transferred to whomever you list upon your passing. See your investment advisor with help with this.Retirement accounts: Make sure you have a beneficiary listed so when you pass your retirement accounts will automatically be available to the ones you wish to receive these funds. See the person who is holding your retirement accounts for this step. This may be your HR representative at your work, an investment advisor, banker or accountant.

These steps above are vital for you to take care of and having an updated will can save your loved ones time, money and some stress when you do pass away.

If you don’t take care of these steps, and do not have a will, a beneficiary, or a person listed to receive funds, then an estate will have to be set up to handle your assets; this will cost in additional fees, time and your assets may not be transferred to the people you wanted to receive them.

In case you are wondering if these suggestions work: Recently, I had an elderly client’s adult child call me. His dad had passed away a month ago, and he also told me his dad had completed the steps that applied to him. His son was very thankful I had gone over these with his dad. Put these items on your to-do list and get them completed. It will be worth the effort to save your loved ones time, effort and stress.