As you begin your estate planning affairs, take extra care to ensure that your needs are met and that you’re planning properly. This will make it possible for you to achieve more of your goals. We’ve taken the time to compile some do’s and don’ts to estate planning. Take a look below to learn more about beginning your planning. If you have any questions, or if you’re ready to start your estate planning, contact an estate planning attorney.
Do ask questions. When planning, it’s important to ask questions and voice your concerns. This will allow you to get all of the planning advice that you need. If you’re unable to communicate effectively with your attorney, you won’t be able to get the best results.
Don’t forget to fully fund your revocable living trust. In order for your trust to work properly, it needs to be funded. This means you will need to re-title your assets into the name of the trust. If you fail to do so, you won’t be able to take advantage of all of the benefits that your revocable living trust has to offer, including avoiding probate and incapacity planning.
Do plan for incapacity. While it can be difficult to think about illness and disability, it’s best to be fully prepared. With the right documents in place, you can have control over your affairs, even if you’re unable to voice your needs in the future. If you don’t plan for incapacity, the court will take control of your affairs.
Don’t forget to review and update your plan. As you go through life, your needs will change and the law will change. It’s important that you regularly review and update your plan, so that your current wishes are always met. Your attorney can walk you through a formal review, every three to five years, or upon the occurrence of a significant life event such as marriage, divorce, a move to a new state, and a change in asset level.
If you’re ready to get started with your estate planning affairs, consult with a qualified estate planning attorney.
Michael Robinson, Estate Planning Attorney
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