3 Tips to Make Your Estate Plan Meet Your Needs

Taking the time to create your estate plan is an important task.  It’s not only important to make sure that you have a plan in place, but that your planning meets your needs as well.  Many people aren’t careful to ensure that they have the best plan in place.  Take a look at the 3 tips below, to make sure that you have a plan that fits in with your goals and your life.  If you have any questions, or if you’d like to discuss your estate plan in detail, contact an estate planning attorney.

 

• Understand your assets and how you own them.  You need to understand the extent of your assets by creating an up-to-date asset list, indicating how each asset is owned.  Your will only controls assets in your individual name and your trust only controls assets in the name of the trust.  If you want your estate plan to work, you must own your assets properly.
• Work with an attorney to create your plan.  Your estate plan shouldn’t involve guesswork.  You need to make sure that you have a customized plan in place, so that all of your needs are met.  With the help of an attorney, you can have a full estate plan in place that will allow you to achieve your goals and that is legally valid.
• Communicate your planning decisions with loved ones.  It’s important to take the time to create your planning, but it’s also important to make sure that your loved ones know that it exists.  This can help give your entire family greater peace of mind, knowing that your affairs are in order. It can also prepare everyone for the decisions that you’ve made.  Don’t ignore the need to communicate, because surprising your loved ones or trusted helpers will be a burden.

 

If you have any additional questions, or if you’d like to create your estate plan, consult with a qualified estate planning attorney.