No one ever wants to think about the possibility of theft when it comes to inheritances, but the fact is that criminals are always on the lookout for an easy target. In some cases, they may even be members of your own family. That’s why it’s so important to take steps to protect your assets now before anything happens. So what can you do? Here are a few tips:
Keep Detailed Records
When it comes to your finances, it’s essential to keep detailed records of everything. This includes bank statements, investment portfolios, property ownership documents, and anything related to your assets. Not only will this make it easier for your heirs to settle your estate, but it will also give them the documentation they need to prove ownership if anything is ever disputed.
You can also use these records to keep track of who gets what. For example, if you have a will that leaves your house to your son and your savings to your daughter, make sure those instructions are laid out in the documents. That way, there can be no confusion later on.
Make Copies of Important Documents
While you’re at it, make copies of all your important documents and store them in a safe place. That way, if anything ever happens to the originals, you’ll still have a backup. You should also keep digital copies in a secure location, such as a password-protected cloud storage account.
If you have a safety deposit box, that’s a great place to store copies of your documents, as well. Just make sure that your heirs know where the key is and how to access the box. Also, be sure to update the box regularly so that it always contains the most current information.
Hire a Trusted Lawyer
No matter how much you plan ahead, there’s always the possibility that something could go wrong. That’s why it’s so important to have a trusted estate planning lawyer on your side who can help protect your assets and ensure that your wishes are carried out.
A good lawyer will not only be familiar with the ins and outs of estate planning, but they’ll also be up-to-date on the latest changes in the law. They can help you create a solid plan that takes into account your unique circumstances and ensures that your assets are protected.
You should also have a power of attorney in place in case you become incapacitated and can’t make decisions for yourself. This document will give someone else the authority to handle your finances and make medical decisions on your behalf. Be sure to choose someone you trust implicitly and who you know will act in your best interests.
Plan for the Worst
It’s always best to plan for the worst and hope for the best. That’s why it’s a good idea to have an emergency fund in place that can be used to cover expenses if something happens to you. You should also have insurance policies in place that will take care of your loved ones financially if you’re no longer around.
And finally, don’t forget to update your beneficiaries regularly. This includes life insurance policies, retirement accounts, and investments. If you don’t, there’s a chance that your assets could end up going to someone you don’t want them to, or worse, they could be stolen outright. Ensure that your beneficiary designations are current, and review them periodically to ensure that they still match your desires.
Get an Insurance for Your Valuables
With the increase in inheritance theft, you may want to consider getting an insurance policy for your valuables. This will help to ensure that your loved ones are compensated if anything happens to them. There are many different types of insurance policies available, so be sure to talk to your agent about what would be best for your situation.
You may also want to keep your valuables in a safe deposit box at the bank. This will help to protect them in case of theft or fire. Just be sure that your loved ones know where the key is and how to access the box. Also, be sure to update the box regularly so that it always contains the most current information.
If you think that someone may try to steal your assets after you die, it’s important to take steps to protect yourself. By following the tips above, you can rest assured that your loved ones will be taken care of and your assets will be safe. So start planning today and give yourself peace of mind tomorrow.