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How do you create a strong estate plan?

| Apr 1, 2021 | Estate planning |

When you want to plan how your assets in Tennessee will be divided after you pass away, it’s important to create a strong estate plan. You’ll need to appoint a qualified estate planning attorney. It’s also important to make a list of what you own and get an idea of what you owe.

You’ll want to organize your files and documents, which should be accessible to your beneficiaries to save time and money. The documents to gather include your will, trust, power of attorney, titles or deeds, bank accounts, credit cards, investment portfolios and insurance policies. Your attorney may be able to help prevent everything from going through probate.

Mistakes to avoid making with your estate plan

When you’re creating an estate plan, avoid failing to communicate what’s included in the plan to your beneficiaries. You want to ensure they’re informed. Only naming one beneficiary is also a mistake because the person may pass away, making it necessary to have more than one beneficiary.

You also want to avoid forgetting about your digital assets that you’ve acquired, which include online banking, email and social media accounts. It’s also important to not neglect your children’s futures; include instructions for how their guardians should spend the assets you leave them.

Who can you contact for legal assistance?

If you want to create or update an estate plan, contact an attorney to ensure you can create a document that is recognized by the state and is valid. Your attorney may guide you through the process and help you to avoid mistakes that could be costly. The attorney may also assist you in working through similar matters that include living trusts, asset protection planning and advance medical directives.