Making plans for the future can be complicated and overwhelming, which is why people often skip over this important step. If you have an estate plan, you may feel confident about your future interests, but there may be more you could do. Even if you feel good about the plans you have in place, you may benefit from making certain improvements to what you already have.
There are specific things you can do that can help you strengthen the estate plan you have in place. Life changes, such as the death of a family member, birth of additional children, divorce or remarriage, can all necessitate updates and adjustments to what you already have. Failure to do these things could lead to complications in the future.
What steps do you need to take?
Every estate plan is different, and adjustments and improvements you may need to make depend on your specific financial needs and objectives. Improving and strengthening your estate plan is simply a good investment, as it will help you protect your assets and make things easier for your beneficiaries down the road. Some of the ways that you can make your plans better and give yourself more confidence for the future include:
- Be sure that you have an updated life insurance policy. Many people do not consider this type of coverage to be part of their estate plan, but it should be. This can provide financial security for your loved ones in case of your unexpected passing.
- Update your beneficiary designations on things such as your insurance policies, IRAs and 407(k)s. This is especially important after changes in your family.
- Consider charitable giving through your estate after your passing. By including this in your estate plan, you can leave a legacy that will last for years, as well as have certainty that your money will go where you intend it to go.
- Include trusts as part of your estate plan. This allows you to protect and set assets aside for a specific reason. This can also help your loved ones avoid probate for certain things when it is time to settle your estate.
If you think you may need updates to your estate plan or you have questions about what you may need for full protection, you may want to discuss your concerns with an experienced Louisiana attorney. An estate planning legal professional can evaluate your plans and help you see where improvements can be beneficial.