Everyone Needs an Estate Plan – Have You Named a Beneficiary?

After planning for the protection of your assets and your medical wishes, there are a few other items to consider when finalizing your estate plans. These items will ensure your wishes are followed. And for a small investment of time and little to no cost, also minimizes the burden for your loved ones. You should be sure to:

  1. Write a Letter of Instruction – This is not a legal document and can be created at home. It provides additional information that your loved ones will likely need after your death. The letter provides information related to your memorial service, burial information or any other information you wish to make known to them. In addition, it should include the contact information for your employer, accountant, attorney, financial investor, and any other advisors.
  2. Review your Beneficiary Designations – All of your insurance policies, 401 (k) plans, and IRA’s all had you designate one or more beneficiaries when the policies were created. The beneficiary designations on all of these plans should be reviewed regularly so that your money goes to the intended recipient.

Ensuring your wishes and your loved ones are cared for after your death is imperative and worth taking some time to make sure it is done properly. Estate planning can certainly be a complicated subject. With the help of your lawyer and accountant, you can have the peace of mind that the decisions you make are in accordance with state laws and understand the tax effects of your decisions. Now is the time to make certain your assets and medical wishes are carried out and those you love most in this world are protected.