Despite the various options available to manage and protect family wealth of all levels, too many of us have taken the stand, “I don’t have much so why plan? My next of kin will inherit everything anyway right?” Sure your next of kin according to the law may be in line to inherit your estate but that is not the entire picture. Unless your next of kin is familiar with your assets, debts and liabilities you may be unintentionally leaving your loved one’s vulnerable to individuals ready to swoop in and take advantage of the smell of disorganization, missed payments, and family feuds.

Some people’s “not so much” may amount to homes or land in sought after areas, financial accounts and vehicles that nobody knows about. I hate to say it but your bank, annuity company or the holder of your 401(k), will not voluntarily call your loved ones after your death to say, “hey we are holding funds that may be payable to you.” Instead, your creditors and unwanted investors may come knocking.

At your death you may have left the cares of the world behind and your relatives are not personally responsible for your debt. However, your loved ones may feel compelled to continue making the payments on your home and other bills to prevent the family home from being lost. This can be burdensome on families, especially if there are limited funds available to administer your estate. As a result, homes end up in tax sales, foreclosures and sold below market rates.  Sounds grim, but this is happening every day in courthouses and communities across this country.

So what steps can you take if you are still not convinced that you need to plan? Again, these are not planning replacements, but rather 8 actions we can all take now:

1. Make a list of all your assets, including, financial accounts and insurance policies, debts, and liabilities and share the location of that list with 2 people you trust.
2. Create a document locator for important records.
3. Make a list of your family members and family advisors, including their names, telephone numbers, and addresses.
4. Consider nominating approximately 2 people you trust to act on your behalf in case of loss of capacity.
5. Ensure your financial and insurance accounts have named beneficiaries and take advantage of “transfer-on-death” and “paid-on-death” options for financial accounts, homes and cars.
6. Keep deeds for land and homes up-to-date. The current owner(s) should have proper legal title to the home.
7. Pay bills, including, mortgage payments, taxes and insurance on time.
8. Consider how bills will be paid upon your death.