Estate planning can be a daunting task. However, there are certain steps a person can take in order to make the process go smoothly and avoid common mistakes. A recent article discusses several of these steps.
First, be sure complete all documents in your estate plan. After you have completed all documents, ensure that your documents coordinate with one another. For example if you have an account for which you made a beneficiary designation, be sure that you did not also distribute that account within your will.
Second, be sure that you title your assets properly. There are many different ways through which assets can be owned. These include sole ownership, joint ownership with right of survivorship, joint tenancy, and tenants in common. Married couples may also own property as marital property. Make sure that you understand the ownership of your property so that you dispose of the assets that you own, and not assets that you do not own.
Third, be sure to monitor your beneficiary designations. Most retirement accounts and annuity contracts allow the policy owner to list the beneficiary on the policy. Be sure to update these designations as your life changes. For example, a beneficiary may die, or you may designate your spouse then go through a divorce.