Writing an estate plan is not exactly a task most people want to jump right into, but every person should have one written before they die. This is a very straightforward statement because the importance behind it is grave. You never know when you will be involved in a fatal car crash, your older parents may slip and fall, or your children’s parent passes. Having the guidance of a personal injury attorney to get you through accidents and even death is important, but having an estate planning attorney to help you understand the ins and outs of estate planning is essential to the loved ones that are left to pick up the pieces. You don’t need millions of dollars in the bank or all the riches in the world, all you need is a legacy that you want passed on to the generations after you, including the people and charities you love the most. There are many factors to consider when writing your estate plan, and to start, three have been provided below:
#1 Staying consistent across estate plan documents.
Your beneficiary designations must be consistent with wishes that have been laid out within the estate plan. An example of such inconsistencies are if your life insurance beneficiary does not match with who you’ve chosen to receive this asset in the estate plan. When conflicting information is present, this can cause issues with the estate being distributed properly and in the way the decedent would have wished.
#2 Providing for young children as minors.
If you have children who are young, you must set them up to be taken care of regardless of what happens to you. You can do this by naming a minor child as your beneficiary under a life insurance or investment policy. However, if the minor inherits the assets before they are an adult, it will be controlled by your chosen guardian until then. Don’t hesitate to discuss with your lawyer about how to properly establish your trust in a way that protects minor children.
#3 Updating periodically as life unfolds.
The truth about estate planning is that you will have to update the documents as time goes on. Life is always changing and relationships may grow or falter, so editing your plan as soon as life events happen will help protect your estate. For most people, they find that updating their estate plan every few years is adequate. But if major events occur before that, such as divorce, marriage, deaths, or births, you must update the plan right away to prevent potential complications in the future.
As an estate planning lawyer, would agree with, everyone can benefit from having an estate plan written. And not only must you get help to avoid making crucial mistakes, but it has to be updated every so often based on current life changes. Lastly, since there are many more variables to consider than what was listed above, those with questions or concerns may want to reach out to a lawyer for guidance.