Estate Planning: Have You Been Overlooking Anything?

As you are planning your estate, you have probably come across various challenges and frustrations. You are constantly asking yourself the same questions over and over. Which loved one gets what? Should I establish a living trust? These are certainly good questions to ask, but sometimes other things are not thought about. It is important to avoid overlooking certain aspects of estate planning.

 Your Beneficiaries

Do you know you can transfer some of your assets, regardless of the will? You can do this by making sure you have named your beneficiaries. What kind of assets can you transfer to the beneficiary in a direct manner?

  • a life insurance policy
  • a retirement fund/account
  • a car, truck, etc.

In order to make this happen, you will need to submit a form to the appropriate business. If you are designating financial benefits, you should submit a form to the appropriate financial institution. Sometimes your situation changes and you need to make adjustments to your documents. This is why it is important to make sure all of your information is current, especially concerning your beneficiaries.

Your Documents/Files

The person who has been left in charge of your estate should be able to easily access any necessary information. You will need to leave clear instruction on where to find all of your documents, your account numbers, etc. If you do not leave instructions, the executor of your estate may have a difficult time finding all the information that is necessary to execute your estate plan.

Will You Have Cash Available?

You will need to have some cash available because there will be certain expenses that will need to be paid for. What kind of expenses?

  • lawyer fees
  • court fees
  • any debts that you have left behind

When you are planning your estate, you should make the right calculations to ensure you will have enough cash so all expenses can be covered until your estate has been settled.

If you are planning your estate and believe you are overlooking some important aspects, you should reach out to a lawyer for a consultation. Contact us today.