Life constantly changes. One result is that there’s a good chance your personal affairs have probably changed since you first created your estate plan. No problem whatsoever. All you need to do is take a few steps to tidy matters up. Taking the time to do so will only benefit your family and loved ones.
Ensure that All Your Estate Plan Documents are Current
A thorough estate plan will usually include the following documents:
- Will,
- Living trust,
- Living will,
- Powers of attorney,
- Health care directives,
- Guardianship designations, and
- Minor children custody determinations.
You should periodically review each of these documents with an estate planning attorney to make sure they’re up to date, comply with applicable laws, and match your wishes. Once complete, place them in a safety deposit box or safe place and tell your executor and trustee where they’re located.
Update Beneficiaries
While most of a person’s assets get transferred to heirs via a will or trust, certain assets use beneficiary designations. Two examples are insurance policies and retirement accounts. If you have these types of assets, tidy matters up by making sure your beneficiaries still correctly match your desires.
Make a List of Important Information
Your family members and loved ones will have to have access to, or at least be aware of, certain important pieces of information when settling your estate. Some examples are:
- Account names and numbers,
- Property with a significant value,
- Liabilities, and
- Financial institutions holding your money.
Make a list of all of this information to help minimize the stress and frustration that an executor or like party might experience when winding up your affairs.
Write a Letter Expressing Your Intentions
This is a relatively easy way to fully complete your estate plan. Tidy things up by drafting a letter that expresses all of your intentions and hopes with regards to your health, the distribution off your assets, and family arrangements. Try to go into details that may help avoid misunderstandings are hard feelings among friends and loved ones. While the letter is not technically a “legal” document, it helps fill in any cracks to your existing estate plan.
Contact an Estate Planning Lawyer with Questions
Many people have questions when tidying up their estate plan. If you fall into this category, it’s critical that you contact an attorney for help. Uncertainties with documents and assets may result in unfulfilled wishes.
Contact McWilliams Law Group for Help
The established California and Washington estate planning attorneys at the McWilliams Law Group help you prepare for the future today. We provide legal assistance with the following:
- Will drafting, execution and review
- Living trusts
- Advance healthcare directives (living wills)
- Powers of attorney
- Estate and gift tax issues
- Guardianships and conservatorships
- Choosing the appropriate executor
The skilled attorneys at our firm can help thoroughly analyze your estate and strategize the best means of transferring your assets, minimizing taxes, establishing guardianship, and supporting philanthropic causes. Contact us now and let us help protect your personal security, family, and legacy.
