You need a “blueprint” for your estate plan.
Do you have an estate plan?
The answer is always yes.
No estate plan is simply a poor option.
It is messy, time consuming, and expensive.
According to a recent Forbes article titled “How To Create An Estate Planning Blueprint,” you should have a carefully constructed estate plan.
Depending on what actions you take, your asset may be divided between family, friends, charities, and the government.
Chances are you would prefer the bulk of what you own to go to the first three options rather than the government.
How do you do this?
Set Regular Check-Ins.
After you have created your initial estate plan, your work is not done.
You life will continue to change.
You may make more money, get married, or have a birth in the family.
Any of these could impact your estate planning goals.
You should review and update your plan every few years to ensure its still aligns with your current situation, along with state and federal laws.
Think of the Future.
What you do in life will affect your family when you die.
Not setting up a estate plan will create a myriad of issues for your family to sort through in the future.
None of them is good either.
Give yourself and your loved ones peace of mind by thinking ahead.
Look at Your Options.
What works for one person may not be sufficient for someone else.
Although trusts and last wills both transfer assets to heirs, they serve additional important purposes.
If you need to avoid probate, minimize estate taxes or have minor children, certain strategies may be more effective for your estate plan.
Tell Your Beneficiaries about Your Wishes.
Hurt feelings can cause lasting division within a family.
Explaining your wishes and the reasons behind them can prevent family fallouts.
You should also notify your executors and trustees of your wishes and where to find your documents.
Designing and creating an effective estate plan requires the help of an experienced estate planning attorney.
Make sure your plan is the best it can be.
Reference: Forbes (April 1, 2020) “How To Create An Estate Planning Blueprint”