When considering creating or updating your estate plan in 2023, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if you’d like to start your estate planning, meet with an experienced and qualified estate planning attorney.
- Have you taken the time to make sure that your family members will always have the assets needed to survive?
- Evaluating the need for life insurance is a part of the estate planning process. You want to make sure that your loved ones will be able to pay for past debts and future expenses, if they ever lose your source of income. Your attorney can help you determine if insurance is indicated and an appropriate level of coverage.
- Have you considered how you plan to distribute your assets? During the estate planning process, you will determine how your assets will be distributed after your death. You can use different tools to do so including a will or a trust. In these documents, you decide how each asset is distributed and your instructions will be followed in the future. You’re also able to use beneficiary designations to decide how some assets are distributed, such as your life insurance and retirement accounts. It’s important to make sure that you check all of your designations as well as carefully outline your wishes in your estate planning documents to make sure that all of your current wishes are met.
- Have you taken the time to include your pets in your planning? Many people love their pets the same way that they love their family members. If you want to make sure that your pet is always loved and cared for, you may want to set up a pet trust. This allows you to outline care instructions for a caretaker. You’re also able to leave assets for the care of your pet (but NOT directly to your pet.) This is a great way to ensure that your pet will also be taken care of.
If you have any additional questions about your estate planning needs, or if you’re ready to begin your estate planning, consult with an experienced and qualified estate planning attorney.