3 Important Estate Plan Considerations to Keep in Mind

When it comes to estate planning Beaverton OR, what you overlook could cause disputes and disrupt your family’s relationship with each other. The blueprint you leave behind should contain provisions for every possible contingency you can think of, even the least likely ones. You never know how your relatives may react to your death and estate plans. To ensure that your final instructions are followed as closely as possible, be sure to include the following items.

Beneficiary Names

It is important for you to use your beneficiaries’ legal names in your estate planning documents. Don’t assume that using nicknames are enough to ensure the proper transfer of assets. Some relatives may not agree with your beneficiary designations and use that as a means to cause confusion, contest the validity of your will, and create conflict amongst other family members. Disputes and feuding family members can prolong the time it takes to probate an estate and lead to expenses that cut into your beneficiaries’ inheritances.

Funded Trusts

If you plan to use trusts to protect inheritances and reap the legal protections they offer, you must fund them before you die. Ideally, you should fund them or transfer the associated assets to them as soon as you create them to avoid complications that render them void or reduce their effectiveness.

Updates

As life changes, so should your estate plans. One of the worse things you can do is leave behind an old and obsolete will or plans. Review your estate plans frequently to ensure they include an accurate picture of your current assets and wishes. Check your beneficiary, POA, and executor designations and make sure your all life insurance policies and other accounts name each person you want to inherit.

Estate plans make it possible for you to not leave any aspect of your legacy up to chance. Don’t take for granted the power to control what happens to your assets and wealth.

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