Conduct a yearly review of your estate plan to ensure your beneficiary designations align with your current intentions.
Don’t confuse documents with a plan. The strategy matters more than the stack of papers.
It is more prudent to use an attorney to draft your documents the first time, than use an online service and pay an attorney to fix it later.
Remember to place newly acquired assets in your trust to keep your estate plan complete and avoid probate.
When you complete your plan, communicate this with your loved ones. This helps reduce confusion, conflict, and surprises when you pass.
Your estate plan can be thought of like a vehicle – routine maintenance is encouraged!
Be honest with yourself as to how you want your estate distributed once you have passed.
Create a comprehensive list of your financial accounts, digital assets, and important contacts so your trustee or executor can easily manage your affairs.
Every estate plan is unique, so plan for what is best for your family, not what the “norm” may be.
Proactively reach out to your attorney when you have changes in your financial accounts, businesses ownership, or real estate holdings.
Make sure that your estate plan is set up with creditor protection for your beneficiaries after your death.
You can make your own estate plan or you can allow the state where you live decide for you.
Review your estate plan after life changes occur.
A good rule of thumb is to review your estate planning documents every 3-5 years for updates.
Draft your plan as if this were to go into effect tomorrow, rather than trying to structure in everything hypothetical possible.
Most families delay planning because life feels too busy, that they haven’t earned enough to warrant getting their estate planning done, or they feel “too young,” or they’re unsure where to begin. But estate planning only works if it’s done before you need it.
Consolidate your legal, financial, and medical documents and ensure your trusted decision-makers know where to find these originals and electronic versions.
When you move, always make sure you close in the name of your trust, or contact your attorney for help after closing.
