It’s not only important to make sure that you have an estate plan in place, but you also need to make sure that it actually works. In other words, take extra care so that your needs are met and your wishes are fully respected. Take a look at the following information, for advice on how to have a foolproof estate plan. If you have any questions, or if you’d like to begin creating your estate plan, contact an estate planning attorney.
If you want to make sure that you have the best possible plan in place, follow the tips below:
- Hire professional help. If you want to make sure that your plan is legally valid, it’s important to work with an estate planning attorney. He or she will also be able to guide you so that you’re able to make smart planning decisions. If you guess your way through your own planning or use standardized forms, there may be many negative consequences.
- Don’t forget to update. Your estate plan will need to be reviewed and updated throughout your lifetime. It’s important to stay on top of regular reviews and updates, so that your plan continues to meet your needs. If you fail to update, your wishes may not be respected. Update every three to five years.
- Prepare for the unexpected. It’s important that you have a full plan in place, even if you’re scared to make difficult planning decisions. Take the time to make sure that you’re properly prepared for unexpected events.
- Understand your own planning. You should not only work with an estate planning attorney and create a plan, but you should have a basic understanding of the plan that you have in place. You need to make sure that you fully understanding each document’s purpose and how it works. This will allow you to choose the proper documents and tools, so that your needs are met.
By following the tips above, you will be able to have a fool proof estate plan, so that you’re able to achieve your planning goals. If you have any questions, or if you’d like to begin creating your estate plan, consult with a qualified estate planning attorney.
- Preparing for Unexpected Incapacity - April 30, 2021
- Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries - April 24, 2021
- “Last Will and Testament” Origin - April 22, 2021
Leave a Reply