One thing we often say is that estate planning is not a one-and-done task. While you can get the bulk of the planning done and create a strong foundation for the future, you do need to revisit plans from time to time if you don’t want to end up with an outdated plan when it most matters. Here are three tips you can use throughout your lifetime to enhance your estate planning.
First, be flexible. Know what you want, but understand that there might be different ways to get there. Present your estate planning lawyer with your goals and let them advise you about all the options you have in reaching those goals. Once you set things down on paper, know that you can change many of your plans. While some things, such as an irrevocable trust, are more firm than others, your lawyer will know where you can make edits if someone in your family gets married, passes away or has a baby.
Second, make sure you fund your trusts. Funding trusts might be something that you do regularly throughout your life, but you need to do it at some point or all your work goes to waste. An unfunded trust is little more than a piece of legal paperwork. Your estate lawyer can provide you with information about how to fund your trust, and if you work with financial advisers, they can help you incorporate your trusts into overall money management.
Finally, some experts recommend that you deal with simple life insurance policies. Whole life insurance policies are actually investments, which is fine if you are after an investment. If you simply want a death benefit payable to your loved one if you pass away, consider purchasing a term life plan.
If you need the dedicated legal representation for wills, trusts, and estate matters in California, contact the Law Offices of Yacoba Ann Feldman to schedule a consultation.