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Create the estate plan that cares for your loved ones

On Behalf of | Jan 23, 2019 | Estate Planning |

Estate planning is something that many adults don’t want to have to think about very often. Unfortunately, there are many things that you might miss if you are trying to rush through the process. It is imperative that you take the time to think carefully about every component of the plan so that you can ensure it is what you want for your assets.

Throughout the process of coming up with the plan, you need to ensure that you fully understand what is going on. Each component must be considered individually. This is the only way that you can make sure that it accurately addresses your wishes.

When you first start creating the plan for your estate, you should discuss those wishes with the person assisting you. By getting the full plan out, you can ensure that everything in your plan is working together to meet those.

You have to think about more than just your will in this process. Some assets, including annuities, bank accounts and life insurance, all have beneficiary designations. These aren’t covered in the will, so you must ensure that you keep the designations up to date. Not having the intended designations can spell trouble if you pass away without updating them.

Another thing that you must check during this time is ownership. Some assets might need to be titled in a trust’s name if you have established this estate planning component. Sometimes, you don’t have to do this because it will be transferred over when you pass away.

Ultimately, you need to do what is best for your loved ones. Your estate plan is a way you can care for them after you pass away.