Most people who have heard stories about celebrities whose families end up facing undesirable consequences because the celebrities failed to create estate plans. Many of these stories involve people who fail to adequately plan for what happens after they die or become incapacitated. To avoid unpleasant results for your beneficiaries, consider the following helpful strategies to make sure that your assets are protected and passed on to your loved ones.
Review Beneficiary Designations
Some accounts are capable of passing to beneficiaries without having to go through the probate process. It is even possible to name multiple beneficiaries to receive these assets. By reviewing and properly updating these designations every few years, you can make sure your wishes are carried out. In taking the time now to review your estate plan, you can make sure that your assets pass on to your intended beneficiaries.
Having Proper Life Insurance
Life insurance can help protect your loved ones in case you suddenly pass away or become incapacitated. No matter if you are still working or creating income through Social Security, a pension, or other sources, it is still a good idea to keep life insurance to make sure that your loved ones are taken care of following your death or incapacity.
Avoid Probate With Trusts
Part of good estate planning is making sure that you have the appropriate wills and trusts in place before you become incapacitated or pass away. Most people rely on wills, but trusts can also be helpful to people with assets. If you do not make sure that these documents are properly created, the associated assets will likely have to pass through probate, which results in additional fines and time. Take time now to perform the steps necessary to avoid probate, or your loved ones may end up facing undesirable consequences.
Consider Utilizing Charitable Giving
Statistics reveal that many Americans give to charities on an annual basis. For many people, charities play an invaluable role in their lives, and donating to these organizations provides an opportunity to “give back.” If charitable giving is part of your estate plan, you can either utilize outright gifts to charities or create a charitable remainder annuity trust to pass on income to a surviving spouse or loved one and the remainder passing to a charity. Some people even utilize charitable remainder annuity trusts to pass on IRA accounts, which can be a method of both passing on assets to a loved one and contributing to a charity. If you plan on contributing to a charity as part of your estate plan, it is a good idea to make sure that you utilize a reliable estate planning tool to pass on your assets.
Speak with a Skilled Estate Planning Lawyer
To make sure that you have the strongest estate plan possible, you should not hesitate to speak with a knowledgeable attorney. Attorney Jim A Lyon can make sure that your estate planning goals are fully achieved. Contact attorney Lyon today to schedule a free case evaluation.