When deciding what to pass on to your loved ones and heirs, proper titling is key to your wishes being followed in the manner you intend. Remember that some assets fall outside what is accomplished in probate, such as your life insurance policy. Regardless of what you state in your will, those wishes are overridden by the documents you’ve filed with the insurance company.
This makes it key to schedule an annual checkup in your calendar so you can verify that your intended beneficiaries are properly outlined there. You need the support of an experienced estate planning lawyer for matters outside of your beneficiary designations. Remember that the passing of your assets could have big implications for your loved ones, so this process needs to be approached with care and concern.
One of the most overlooked areas of titling assets has to do with a revocable trust. A revocable trust by its very nature can be changed and updated, but if you set up the trust and then promptly forget about it, this could cause serious issues for your family members intending to receive items inside the trust.
Make sure that if you wanted assets inside the trust for privacy and protection needs that you name the trust as the owner of those assets. All too often, setting up a trust excludes this vital follow-up step, and that can end up costing you significantly in the future. Set up a time to follow through on your trust after the initial setup so that each item inside is properly accounted for and so that you have peace of mind about the asset titling.