Estate planning is one of those financial responsibilities that is easy to postpone, yet it remains one of the most important steps you can take to protect your loved ones and ensure your wishes are honored. While an estate attorney should always be your primary resource, we frequently see how overlooked details can create unnecessary financial and emotional stress. With that in mind, we wanted to share several practical considerations to help you stay on track.

 

Your beneficiary designations override what is written in your will, making it essential that they remain accurate and up to date. Review the beneficiaries on your brokerage accounts, IRAs, life insurance policies, bank accounts, and similar assets. You may also want to speak with your attorney about the possible use of Transfer on Death (TOD) designations, which may allow certain accounts to avoid the probate process.

If you need to verify or update the beneficiaries on the accounts you hold with us, please feel free to reach out. Ensuring alignment now can prevent confusion and help ensure your assets are distributed according to your wishes.

 

Should you become incapacitated or unable to manage your financial affairs, a durable financial power of attorney allows someone you trust to act on your behalf. Your attorney can help you confirm that your chosen individual has the appropriate authority and that your documentation is properly executed.

 

Regardless of the size of your estate, taking inventory is a valuable financial exercise. Start with your tangible property-your home, real estate, vehicles, boats, collectibles, artwork, jewelry, or other valuable possessions. Many people are surprised by how quickly these items accumulate in both quantity and value.

Next, identify your intangible assets, which can include retirement accounts (IRAs, 401(k)s, 403(b)s, pensions, SEP IRAs), life insurance policies, checking and savings accounts, brokerage accounts, mutual funds, bonds, stocks, and health savings accounts.

After compiling your list, research valuations or obtain appraisals for items such as real estate or collections. Once you have a complete picture, ensure all relevant documents-policies, deeds, titles, account statements, wills, trusts, and more-are organized and stored securely.

 

Every estate is unique, and professional guidance is invaluable-whether your situation is straightforward or more complex. An estate attorney can help you evaluate or create your will, living trusts, revocable trusts, business succession plans, arrangements for minors, and powers of attorney. Even if your estate is modest or you are early in life, speaking with a professional (or at minimum a tax specialist) can provide clarity and peace of mind. For simpler estates, reputable online tools may also offer support at a modest cost.

It is never too early-or too late-to put thoughtful estate planning measures in place. Doing so ensures that your wishes are carried out and that your loved ones are protected.

 

This article is for informational purposes only and should not be considered legal advice. Please consult an attorney for guidance tailored to your specific estate planning needs. As always, we are here when you need us.