As the family is gathering for the holiday season, it’s a great opportunity to evaluate your estate plan to ensure that everything is in order. You are building memories with your loved ones, and it is also an ideal time to talk to your family members about the details of your estate plan since everyone is together.
Even if you already have an estate plan, it’s common for the family to grow and change over the years. Look around the holiday dinner table and evaluate whether your current estate plan fits your family right now. The holidays give you the opportunity to evaluate your family so you can make estate planning changes as needed.
Things to Consider for Estate Planning
Here are a few details of your estate plan that you might reconsider this holiday season:
Naming Beneficiaries: Who are named as the beneficiaries for your insurance policies and accounts? Marital changes, new grandchildren, and any deaths in the family might result in a need to name new beneficiaries.
Setting Up a Trust: There are situations when it makes sense to put your assets in a trust. For example, this estate planning approach can help to minimize the probate process for your loved ones.
Write a Will: Make sure that your assets and money go to the right people. A will gives you the opportunity to share your wishes, instead of having state law distribute these assets on your behalf. There are times when a will might need to be updated if there is a marriage, divorce, new family members, or the death of a loved one.
Power of Attorney: If the unfortunate situation occurs where you are unable to make decisions for yourself, then it’s important to name a power of attorney and having a living will. For example, if something happens that affects your health severely, then the power of attorney will follow the instructions in your living will to make medical decisions on your behalf.
Help With Your Estate Planning
Estate planning can be stressful and complicated, which is why it’s essential to have professional help with this process. If you need assistance, then call the legal experts at Miles & Hatcher, LLP. We’re here to help with your estate needs and other legal services: (909) 481-4080.
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