Many people take the time to start their estate plan. The estate planning process can help to prepare people for their present, future, and after death affairs. Unfortunately, while many people take the time to plan, they also forget some other important things that may hurt their planning.
Take a look at the information below to learn more. If you have questions about your estate plan, or if you’d like to create your plan, meet with a qualified estate planning attorney.
Do you have any of the following accounts or benefits?
- Life insurance policy
- Retirement accounts
These assets are not controlled by your estate planning documents. Instead, you’re able to name a beneficiary with the use of a beneficiary designation form. Many people fill these forms out when they first create their account or sign up for their benefits and never look at them again.
You need to review and update these designations!
Many people take the time to list their beneficiaries, and then they completely forget about it. If it’s been years since you’ve taken the time to list your beneficiaries, now is the time to review and make updates, if necessary. If you don’t take the time to review, your assets may be given to the wrong people!
You should make changes if…
You may want to change your beneficiaries if you’ve recently married, divorced, or remarried. You may also want to change your beneficiary designations if there’s been a birth or death in your family. You may also make changes if you’ve recently suffered a falling out with a family member.
Don’t forget about this important step. You may have a solid estate plan in place, but fail to have the right beneficiaries listed on some of your important accounts. Take the time to make sure that the right people get your assets!
If you have any questions about your beneficiary designations, or if you’d like to begin your estate plan, consult with a qualified estate planning attorney.
- When a Parent Needs Medical Treatment and the Adult Children Cannot Agree, What Happens? - February 25, 2021
- The Best Way to Leave Your Estate to Your Spouse - February 23, 2021
- Protecting Your Wishes in Your Will - February 11, 2021