Not all estate plans are created equal. Estate plans that are made haphazardly, without the proper legal guidance—or estate plans that are never reviewed and revised to reflect life changes—may not be as effective as you hope in preserving your legacy and providing for your family.
The question is, how can you tell when your estate plan falls short? Here are just a few of the most common red flags.
Your estate plan lacks the key components. First things first: If your estate plan is just a will, it’s probably not going to be as helpful as you think. At a minimum, we recommend a will, a trust, a financial power of attorney, and an advanced medical directive.
You haven’t updated your estate plan in a while. The set-it-and-forget-it approach will let you down, especially if your family changes. Does your estate plan reflect recent marriages, divorces, births, adoptions, and deaths in your family?
You forgot about life insurance. Life insurance can be an important part of your estate planning. Do you have policies in place? When’s the last time you reviewed them? Are you sure they’re going to do what you want them to do?
You haven’t accounted for all personal assets. Remember that your estate plan should list both your tangible financial assets as well as digital ones—including online bank accounts, user names and passwords, etc.
You’ve not talked with your family about your estate plans. Do your loved ones know who your beneficiaries are? Who you’ve chosen as your executor? What your end-of-life wishes are? Make communication a top priority.
These are just some of the ways in which an estate plan can fall short of its intended purpose—but with help from Singh Law Firm, you can ensure that yours is wholly effective. Reach out to us today to schedule an estate planning consultation!
Schedule an estate planning consultation with Singh Law Firm today.