Important points to remember about estate planning

On Behalf of | Oct 5, 2021 | Uncategorized |

Your estate plan tells your loved ones what they need to do with your assets if you pass away. It also relays your wishes for end-of-life care in case you become incapacitated. 

It’s imperative that you have the terms of your estate plan set up in a way that it can be executed without issues. Once you create it, you should periodically review it to ensure it still meets your needs. 

Check financial accounts

Your financial accounts should have a payable on death or transfer on death assignment. This is the person who will get them when you pass away. Checking, savings, retirement and investment accounts that have this designation shouldn’t be covered anywhere else in the estate plan. 

Review plans for assets

Each asset you own should be named in the estate plan. Make sure that each one is only named once because problems can arise if an asset is given to different people in different sections of the estate plan. If you place an asset in the will, don’t include it in a trust. 

Leave instructions

While your funeral, memorial, and burial plans might be made already, you can’t include them in the will. Instead, put them in a letter of instruction and let your family members know where it is located. In almost all cases, the will isn’t going to be read until after the funeral. 

Anyone who needs to create their estate plan should ensure that it accurately reflects their wishes. This ensures that their loved ones know what to do when the person passes away. Working closely with someone familiar with these plans can help to get everything done with as little stress as possible. 

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