Legal Insights to Light Your Way

Estate planning is easy to overlook, but it is incredibly important for securing your and your family's future. At Perkins Law, PLLC, we frequently encounter the significant financial impact of estate planning oversights on our clients. Here, we share essential guidance to help you navigate the fundamentals of estate planning. Beneficiary Designations and Updates Ensure your beneficiary designations on financial accounts are current. These accounts include brokerage accounts, IRAs, life insurance policies, and bank accounts. Consulting with your attorney about Transfer on Death (TOD) designations can help your assets bypass the probate process, allowing for a smoother transfer to your beneficiaries. Regularly updating your beneficiaries ensures that your assets go to the right people, avoiding conflicts and confusion later. Financial Power of Attorney A durable financial power of attorney is crucial if you become incapacitated and are unable to manage your affairs. This document grants a trusted individual the authority to act on your behalf, ensuring your financial matters are handled according to your wishes. Consult with your attorney to set up this essential component of your estate plan. Take Inventory of Your Assets Creating an inventory of your assets is a valuable exercise, regardless of the size of your estate. Start by listing your tangible assets, such as real estate, collectibles, vehicles, and other valuable items. Then, include intangible assets like life insurance policies, retirement accounts, savings accounts, and investments. Assigning values to these assets, either through appraisals or research, provides a clearer picture of your estate's worth. Organize and securely store relevant documents, including insurance policies, property deeds, titles, and financial account information, to ensure easy access when needed. Consult with an Attorney Consulting with an estate attorney is vital, regardless of the size of your estate. An attorney can help you create a comprehensive estate plan, addressing issues like living trusts, wills, revocable trusts, business succession arrangements, and more. Even if your estate is modest, online tools and professional guidance can provide peace of mind and ensure your plans are legally sound. Schedule a Consultation Estate planning is a prudent financial step at any stage of life. To ensure your estate plan is thorough and up to date, schedule a consultation with us at Perkins Law, PLLC. We are here to provide personalized advice and support for your estate planning needs.