Essential Tips To Remember For Estate Planning
An estate plan consists of detailed instructions about the division and transfer of trusts and guardianship wishes. This planning involves accounting for all assets and making sure they get transferred to the entities smoothly. Consult Loughlin Law P.A. to seek legal assistance regarding estate planning and clear your doubts regarding the process.
Some important tips to keep in mind while doing estate planning
- Ensure all essential documents like a will, trust, power of attorney, and health directives are in place.
- If you do not have a will, consider making one, as it helps in providing instruction regarding the distribution of your assets at your death. It also helps clarify the guardians of minor children in the family and assign them their legal responsibility until they reach adulthood.
- Choose a responsible and efficient estate administrator as they will be liable for your will after your death.
- Consider creating a power of attorney and a health care directive, as they help in designating someone to make medical as well as financial decisions on your behalf.
- Review the titles of assets and designations for clarity.
- Make a list of all the debts you are under.
- Prepare a list of all the organizations you are a member of, as some of them have life insurance benefits that can be availed later.
- Inform your loved ones about the accessibility of your documents.
- Try to review the estate plan once every two to three years, especially when significant changes take place in tax laws or in the structure of your family as they severely impact your asset distribution.
- Keep all of your beneficiaries informed about every piece of the necessary information and develop effective communication skills.
- Consider creating a trust to help ensure that your plan is carried out precisely as you intended. Designated trustees help in managing and distributing the assets in the trust smoothly.
- Seek the help of an estate attorney as they are legally equipped with knowledge and expertise regarding the creation of an estate plan.
- Try to simplify your finances if you have multiple accounts.
- Make sure to keep a check on digital assets and their protection as well. You can even consult your attorney to shut down your online presence after your death.
- Avoid the probate process as it is very time-consuming and costly. It is not always necessary for your assets to be passed through this.