Friday, March 27, 2015

What's missing from your estate plan?

When we talk about estate planning in the simplest terms, we talk about three main documents: a will, an advanced medical directive and a power of attorney.  Having those three documents will be very helpful in protecting you, your family and your assets in the future.  Here are a few minor things that you should think about and consider to make your estate plan more well rounded.

1. Bank Accounts/Stocks
You may want to look at your bank accounts and stock holdings to see if you have a Pay on Death designation.  If you designate someone to have your account or stocks paid out to upon your death, you can avoid putting those assets through probate, meaning less headache, less taxes and quicker transfer of money.

2.  Life Insurance
Check to make sure your life insurance policies are still sufficient and properly designated.  If you properly designate a beneficiary to your life insurance policies, that money will avoid probate as well.
3. Financial Plan
Meet with a financial planner to fully understand your finances and what your short term and long term goals are so that you have assets to transfer to your family in the future. Financial planners can insure you are investing properly and that you understand your investments and assets.

4. Real Estate
You may want to revisit any real estate you own.  If appropriate for your family and situation, if you add family members to your deed, that property can transfer outside of probate as well.

Some of these items may not be appropriate or necessary for your estate plan but they are all things you should be thinking about and consider when formulating your plan.  If you are in need of an estate plan or would like to have a review of your estate plan, contact us at (804) 447-0146 or clbaudean@baudeanlaw.com for an initial consultation.