For most people, estate planning and preparation doesn’t rank very high on their “to do” list. There are a number of reasons, but frequently it comes down these three: 1) cost; 2) they believe it’s just for the rich; and 3) it’s too complicated. Simplifying estate planning for prospective clients is a way to address their fears and get them to take action, according to Beck & Lenox Estate Planning & Elder Law, LLC.
Fort Worth’s recent article entitled “3 Tips to Help Simplify Estate Planning,” explains that an estate plan really is not about you. It’s about taking care of your loved ones and charities.
Without an estate plan or last will, state intestacy law determines who gets your assets. You lose control of how your wealth will be distributed.
Let’s look at three tips to make it easier and to help you prepare for the future:
- Work with an experienced estate planning attorney. Estate planning is not something you ask your buddy to do. “Hey, Jimmy, help me write my will.” No way. Partner with an experienced estate planning attorney so that you are confident your documents comply with state law and that the plan’s language clearly details how your wealth should be managed.
- Review your estate planning documents regularly. We all have planned and unexpected events in our lives, like new grandchildren, illnesses, or significant increases or decreases in your net worth that could impact wealth and how it should be distributed. Meet regularly with your estate planning attorney and review your plan to make sure it still meets your needs and intentions. Beck & Lenox recommends every 3 to 5 years; sooner if a major life event has occurred (new grandchild, spousal death, new marriage, etc.)
- Organize important documents. Make certain important documents have been created and can be located quickly, if something happens to you. Here is a list of documents you should have on file that can be accessed by your spouse or family members in case of an emergency:
- Wills, trusts, and other important estate planning documents
- A list of tangible and intangible property
- A list of financial accounts and insurance policies; and
- Email accounts, logins, or other log-in information to your PC and phone.
Estate planning is not a DIY project. You need the expertise of an experienced estate planning attorney like the ones at Beck & Lenox. By simplifying estate planning for you, you can be certain that your wishes are carried out and that your estate plan can withstand any legal challenge.
Reference: Fort Worth (May 6, 2021) “3 Tips To Help Simplify Estate Planning”