For those people who’ve already taken the initial steps with regard to their estate planning, this is an important distinction that can make you feel much more comfortable about what will happen to your assets after you pass away as well as how you plan to pass on assets while you’re still alive.
Unfortunately, however, even some of the individuals who have taken the initial first steps to protect their assets and establish a plan for the future will forget about a contingency plan. For example, what happens if the person you intend to leave your money with passes away?
Most people do not have a backup plan and this could generate serious confusion or problems down the road for your beneficiaries. It is difficult to predict the future but this is one reason why you need to set up an annual meeting with your estate planning lawyer to talk through the various aspects of your individual estate plan and to develop materials and strategies that protect you as well as all of your loved ones. Having alternatives in mind can help you if something unforeseen happens and it also gives you the flexibility to know that your wishes will still be carried out.
