A Full-Service Law Firm, Putting Clients First Since 1953

Can you improve your estate plan?

On Behalf of | Feb 8, 2020 | Estate Planning & Probate

When you create an estate plan, you do not create it and then forget about it. If you want your loved ones taken care of and your wishes honored, you need to update your estate plan regularly, according to Forbes.

When was the last time that you reviewed your beneficiary designations? Life events happen all of the time. Consider where you were in your life the last time that you worked on your estate plan. Did you go through a divorce? Have you had children? In some cases, a person may not realize that his or her beneficiary is his or her former spouse.

Do you donate to charities on an annual basis? If you have charities that you care about, you can integrate these charities into your estate plan. For instance, you can choose to leave some of your assets and income to your family members or spouse and donate the rest to a charity of your choice.

If you are worried about your loved ones going through probate, then you may want to consider changing your estate plan to a trust. Most people have a will at some point in their lives. However, if you only have a will, then your family will have to go through the long, expensive process of probate.

Every person’s estate plan is unique to his or her circumstance. Your wealth, family and personal situation will dictate what you include in your estate plan. The point of an estate plan is to pass your assets smoothly after you pass. In addition, it can protect your family from probate court and other complexities.