You have taken the right steps and started your estate plan. An estate plan is a valuable tool that protects your loved ones, estate and any associated assets. But, if you don’t take the right precautions, an estate plan can be worthless. Consider these four important measures to protect your estate and ensure you have a solid estate plan.
Use a Professional
You don’t save as much as you think using DIY estate planning software. While the upfront costs are certainly less, you can cost your estate more in the end. DIY plans rarely address complex estate issues such as:
- Special needs
- State laws
- Real estate in other states
So, if you use a DIY plan, your estate may face a few issues in probate court – and a judge will have to determine the fate of your estate instead.
You should make sure you select a guardian for any minor children. This person is not only responsible for taking care of your children until they are legally considered adults, but they are responsible for managing any inheritances your children receive. So, you want to select a person you trust with your children and their assets.
There’s nothing wrong with starting early. In fact, an estate plan can protect you just as much today as it can 10 years from now.
If you have created an estate plan, you need to constantly review it. Reviewing your estate plan annually and with each life change is imperative to ensure your estate plan is accurate when the time comes.