Making Sure Your Estate Is Left to the Right Beneficiaries
One mistake that many people make when estate planning is either leaving it up to the state to pass an inheritance on to the right people or preparing a will and then never looking at it again while going through many life changes in the meantime. Here are a few things to consider to ensure that your possessions will reach the beneficiaries you have in mind.
- Don’t leave it up to the state – The best way to avoid conflict and make things easier on your family is you have documents prepared in advance to explain who will receive your assets.
- Check your beneficiaries regularly – Once a year, you should go over all of your beneficiaries, from wills and trusts to retirement plans, POD bank accounts, and insurance policies. Make sure that all the names are spelled correctly and that the individuals listed as your beneficiaries are the ones you want to be named.
- Consider life changes that have taken place – The traditional family structure in the US has changed dramatically. If you are married to your first spouse, and all your kids are from your marriage, you are in the minority. If you have multiple spouses and kids from different relationships, you have to plan ahead in order to ensure everything doesn’t just go to your current spouse and the children the two of you have together.
Estate Planning Support in Southern California
It doesn’t have to take a lot of time to get your affairs in order. Contact Petrov Law Firm at 619-344-0360 to schedule a consultation with one of our experienced estate planning attorneys. We can help you to ensure that your possessions pass on to the right people.