Minimize the Pain of Estate Planning in 5 Easy Steps
Estate plans are essential to minimizing conflict, protecting families, and providing financial security during incapacity or after death.
OUTLINE YOUR PLANWho Should Receive My Estate?
Who Should Be in Charge of My Estate?
What Happens if I’m Incapacitated?
Covering these basic questions should take you most of the way to creating a core estate plan.
CHECK BENEFICIARY DESIGNATIONS & ASSET OWNERSHIPAt your passing, assets with beneficiary designations, deferred compensation plans, life insurance policies, etc., and assets held in trust or titled jointly with rights of survivorship will be distributed directly to the named beneficiary or surviving owner, regardless of what your will says.
AVOID “DO-IT-YOURSELF” PLANNINGState probate and intestacy laws are complicated, and DIY plans can often wreak havoc on families, resulting in conflict and lost time and money in fixing errors.
COLLECT INFORMATION BEFOREHANDTo save time and money, consider gathering the following information before meeting with your estate planning advisor:
· Current Financial Statement.
· Family Contact Information.
· Tax Returns.
· Current Planning Documents.
· Beneficiary Designations.
· List of Advisors.
KEEP THE PLAN ORGANIZED & ACCESSIBLEIf you are interested in learning more about Estate Planning, feel free to give us a call at 504-831-2348 or visit our website www.morrisonlawplc.com.