Estate planning is a good idea for most people in Beaumont, as we all have opinions about what end-of-life care we want and who we want to inherit our assets. However, do not think that once you sign on the dotted line, you do not need to do anything else. The following are some tips to ensure that your estate plan will serve you well throughout your lifetime and after your death.
Keep current on your beneficiary designations
Certain types of assets, such as life insurance policies, bank accounts and trusts have beneficiaries. These are the people that will obtain these assets when you pass away. However, selecting a beneficiary should not be a one-and-done job. It is important to review your beneficiaries as time goes on to ensure you still want that person to inherit. It is especially important to review beneficiaries after major life events such as a wedding, the birth of a child, a divorce or a death. After all, most people would not like their ex-spouse to inherit their estate.
Fund your revocable trust
A trust does not do any good if it is empty at the time of your death. During your lifetime, you need to transfer title to your assets into the trust’s name, thus “funding” the trust. That way, your trust beneficiaries have something to inherit. It is also important to keep current on what assets you own, or have disposed of, in relation to your estate plan.
Periodically review your powers of attorney
A comprehensive estate plan will have a person named as medical power of attorney who will make medical decisions on your behalf if you become incapacitated, and a financial power of attorney who will make financial decisions on your behalf if you become incapacitated. It is important to review these selections periodically, especially after major life events. For example, you may have assigned your spouse to these roles, but if your spouse predeceases you, you will need to select someone else.
Learn more about estate planning
These are only some tips for making sure your estate plan will continue to meet your wishes as time goes by. This post is for educational purposes only and does not contain legal advice. Those in Beaumont who want more information on estate planning can visit our firm’s website to learn more.