Estate planning is a necessary part of growing older and managing your assets as well as what you leave behind to your extended family after death. However, even if you settled your estate plan in the past, there is a chance things may have changed. For instance, life changes, as well as law changes, can both affect your estate plan in different ways. The more up-to-date and comprehensive your estate plan is, the easier it will be on your executor and beneficiaries after your death. So how can you tell that your estate plan is as settled as you want it to be? You can work with an experienced estate planning lawyer at The Millman Law Group to address the following considerations.
Is Your Will Current?
Assuming you have written your will, how long has it been since first drafted? Have any significant life changes occurred since? If so, review your will to ensure that it accurately represents your assets and wishes now and not five years ago.
Is Your Will Detailed Enough?
When most people think of estate planning, they think of handing out the big things like property, vehicles, and heirloom jewelry. However, smaller items with great sentimental value may be a prized possession among your family. You can avoid future arguments among family members by specifying who you want to receive any items of yours, even if they don’t have a high monetary value.
Are Your Wishes Legally Binding?
Every state has different rules regarding what qualifies a will as valid. This is another reason why working with an attorney is best because they will have extensive knowledge about what is legal in your state and county. The Millman Law Group will ensure that your estate plan is settled and that there won’t be any unpleasant surprises for your executor.
Are Your Financial Affairs Organized?
Your executor will need to know about recurring bills, account numbers, online passwords, and more so they can access bank accounts after your death. Compiling a list of monthly bills and documenting your account information will significantly simplify your executor’s job.
Don’t forget to include automatic payments or charges on your credit cards. They can sneak up on your executor if there is no online bill in the mill to go along with the monthly charge.
Have You Made Arrangements For Other Family Members?
A crucial part of estate planning is ensuring that any potential remaining family members—parents, spouses, children, or other dependents—will be cared for after your death.
Your lawyer can help you establish guardianships for minors in particular. If you fail to declare who should be a guardian to your children, the state will decide for you.
Additionally, if you plan to leave money or assets to a family member that is disabled and depends on Medicaid, you can create a special needs trust to leave behind their inheritance. These trusts enable people to pass down assets without risking the disabled person’s Medicaid eligibility.
By examining these factors, you can be sure that your estate plan is settled and as accurate as possible.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.