Many people are under the impression that if they do not have significant assets that meet the estate tax laws in their country that they do not have an estate. But no person is exempt from having a complicated, large or even messy estate. Even people who assume that they have very little still have a home, digital accounts, possessions, a car, bank accounts and important sentimental items. Unfortunately, with a busy day to day life, it can easily seem like estate planning is not a top priority but you still must make one to make things easier for your heirs.
Some of the most important things you can do to begin the estate planning process are to review the people who you’ve already named to carry out specific duties and to review the names of those people who will receive benefits if something were to happen to you. Any key decisions you’ve made in the past regarding your estate planning could even include listing beneficiaries on retirement plan accounts or life insurance policies. These have significant potential consequences for the future.
Your estate plan can also benefit from regular and routine maintenance accomplished by sitting down with a knowledgeable estate planning lawyer to discuss whether or not changes in your life should prompt you to update materials and documents that are no longer in line with your family situation or your goals.