Talking about you or your loved ones’ inevitable passing can be uncomfortable, but it is necessary in planning your estate. It is very important to discuss your assets and estate plan so that when you do pass, the people who are closest to you won’t have added difficulty on top of their grief. This article explains the importance of having all of your assets are updated and your estate plan is current.
According to the article, roughly 50 percent of people do not have an estate plan in place. If you are one of these people, the state will designate your assets. This will, more often than not, result in ways you would not have intended and is usually very complicated and time consuming.
There are a few dos and don’ts for estate planning that you should know. If you have a blended family, there is a statutory formula that depends on how many children there are and can affect who gets what. It’s important to sort these things out now, as it can get very complicated. Do make a plan and keep it updated as your family grows.
Also, while difficult to discuss, it’s important to consider who you want in charge of your healthcare decisions should you become unable to do so yourself. Who would you trust to make the tough choices if you were hit by a bus tomorrow?
Don’t assume that a will can control all of your assets. A lot of people don’t realize that a will does not control things like joint bank accounts, life insurance policies, or retirement accounts. It’s very important to designate a beneficiary on these accounts.
If you are ready to make an estate plan or update an existing plan, Rhodes Law Firm is here to help. Call or come by our office today!