6 Estate Planning Tips You Should Never Forget

6 Estate Planning Tips You Should Never Forget
Despite the fact that there are plenty of news reports about estate planning blunders made by celebrities, there are still many members of the public who make these mistakes and often it is the family members and other beneficiaries dealing with the outcomes after that person passes away.
Here are 6 key estate planning tips you should keep in the back of your mind.

• Make sure your plan is reviewed at least every 2 to 3 years or updated after a major life change.
• Think about who you wish to name as a successor trustee or as an executor. This should be someone who is capable of handling the task and also interested in doing it.
• Make sure you have a healthcare and financial power of attorney aligned with your individual needs.
• Draft a team of experts. Hiring a knowledgeable attorney to put together a will, a trust or other basic documents can be extremely beneficial for you. Likewise, a financial professional can help you plan for the future.
• Have the basics. Even if you don’t have a comprehensive estate plan just yet, something is always better than nothing. You don’t want to stress too much about having every little detail perfect as you may avoid engaging in estate planning at all.
• Consider beneficiaries in a primary and secondary sense, as well as for retirement accounts, insurance accounts and other accounts that may pass outside of a trust that is established.

Consulting with an experienced estate planning attorney is strongly recommended. Set up a meeting with a NJ estate lawyer to talk over your options.

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