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The importance of updating your estate plans to prevent issues

| Jan 25, 2018 | Blog |

When it comes to estate planning in Dunn, the more often you update your plans, the better. Many people do not realize it, but estate plans contain important decisions that last forever. If you made your estate plans long ago, now is the perfect time for you to brush them off and look them over. 

Recent tax law changes and life events can cause complications with your estate plans if you fail to update them. To maintain control over your assets after you die, consider the following information about updating your estate plans

Review beneficiaries 

Many people forget to review their beneficiaries on their accounts. Others think they do not need to change them because their estate plans will take precedence over their beneficiary designations. Accounts that have beneficiary designations are under governance of the rules of the financial institution that manages them. Look at yours to ensure your designation meshes with your estate plans. If the beneficiaries listed on your retirement, investment and life insurance accounts do not match up, your estate could end up tied up in probate because of disputes. 

Update final instructions 

Think back to the last time you looked at your estate plans. Chances are, much has changed within your family and with your finances since then. Make sure your plans are an accurate reflection of your wishes. This may require you to restructure your plans, establish trusts and reconsider your choice of personal and estate representatives. 

Fund trusts 

Make sure you properly fund your trusts. If you do not, all assets for those trusts will pass through probate, which can undermine your intentions. Trusts enable your estate to bypass a long probate process, avoid additional expenses and to stay private to protect your beneficiaries. 

Estate plans can help preserve your legacy and take care of your loved ones in the event of incapacitation and death. It is easy to make mistakes that go undiscovered until the day your plans take action. Consider working with an attorney to ensure your estate plans are error-free.

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