Posted on Aug 26, 2021

5 things people forget about estate planning

We get it, estate planning is not an easy thing to talk about or do at any point, but as you get older, it becomes more and more pressing that you take the time to do it and do it right. 

Financial advisor Jala Eaton sat down with Liz Knueven of Business Insider to talk about 5 things people forget about their estate planning. We have the highlights for you here.

The first one is simply forgetting to make an estate plan at all! This is a big deal because without any sort of plan, your assets may not get distributed how you want, and everything can even get caught up in court.

Having an estate plan can make sure your family doesn’t miss out on everything you have worked so hard for.

The second thing is straightforward and doesn’t take much time at all! This is designating beneficiaries for all of your accounts. This is something anyone can do with just a little bit of time. This simple step can make sure the right people inherit those accounts if something were to happen to you.

The third thing is clients not reading and understanding every part of their estate plan. One of the things Eaton finds when sitting down with clients is, upon reviewing their documents, there is often a disconnect between what people think their plan does and what it actually does. This is why hiring an attorney to take you through every step of your plan and make sure you understand exactly what it means is beneficial.

The next easily forgotten step is continuously updating your estate plan you’ve worked so hard to put together. Even if you are retired that doesn’t mean life doesn’t change, you need to still update your estate plan! Whether it’s a new grandchild, a new house, or even a new car you should set aside some time every year or two to make sure that plan is up to date and still functioning how you want. On top of life changes, there are also changes in tax law that may mean your plan should be adjusted.

Lastly, and this can be a tough one, make sure your loved ones know about your plan. This should include the general outline of your plan as well as anyone who may be affected by it. You should also share where you keep these documents and any other information pertinent to your estate plan. 

To read the full article by Liz Knueven click here.

If you want to learn more about estate planning and the process of passing on your legacy to your loved ones download Attorney Michael Monteforte Jr.’s FREE book “Planning Ahead.”

If you are ready to get started with your estate planning give us a call at 978-657-7437 or book your Strategic Planning Session here!