If you put together your key estate planning documents in the past but haven’t touched them since, your plan might not be accomplishing the goals you intended. Likewise, if you haven’t incorporated any of your digital and online accounts into that process, you’re missing out on making things easier for your loved ones while also exercising your desires over how to pass on your assets.
One of the most important things you can do on an annual basis is to conduct an analysis of asset ownership. It’s not enough to set up a trust, for example, if you don’t also shift assets into that trust.
You probably want your beneficiaries to have quick and easy access to your assets in the event that an accident takes your life. In some cases, it makes more sense for your accounts to be owned jointly with your loved one.
If you previously put together a revocable trust, now is a good time to see what assets are transferred into that trust and whether that current structure reflects what you really wanted. You can’t assume that your will answers all the key questions, either.
You might have told a loved one that they should get your retirement account benefits and maybe even put this in writing in your will. But the will doesn’t govern every aspect of your estate. In some cases, like brokerage accounts and life insurance, it’s the beneficiary forms you filed with the company that take precedence.
Make sure that all the details have been carefully reviewed to ensure that your plan lines up with your internal compass and your unique needs. Talk to a Pasadena estate planning lawyer today if you want a lawyer’s assistance in crafting or reviewing your plan.