Practical Experience And Legal Knowledge Guiding You

2 important factors when updating your estate plan

On Behalf of | Dec 8, 2023 | PROBATE & ESTATE ADMINISTRATION - Estate Planning

One thing that many people fail to do with their estate plans is to make regular updates. It’s recommended that you update your estate plans every three to five years to help ensure new assets and investments are accounted for. Testators have made changes to their estate plans after important life events, such as marriage, divorce, childbirth or beneficiary death.

This is only one of the many things that people often forget to do with their estate plans. Some of the following info isn’t common knowledge, so it may be crucial to you:

Create a trust to protect your beneficiaries

A will is the main and most important legal document in your estate plan that helps establish people who will benefit from your assets. However, an estate may be subjected to probate, disputes and taxes if a testator is unaware of the option to make a trust. 

A trust is a legal document that allows a trustee to hold assets after the grantor passes away. The trustee is responsible for distributing assets to designated beneficiaries. By making a trust, beneficiaries may be able to gain assets without complications from probate, disputes and taxes.

Discuss important information with your executor

Your executor of the estate is the person you regard responsible for the distribution of your estate. The role is full of important factors, such as collecting death certificates, contacting banks, insurers, creditors and beneficiaries and locating assets and your will. If there’s information that your executor is unaware of about your estate, it may help to talk to them early and often, especially if there are any changes to your estate plan.

Planning your estate isn’t easy. You may need to contact legal help when assessing your estate planning options.