Wiener and Wiener LLP
With Offices In Allentown And West Palm Beach, We Serve Throughout Eastern Pennsylvania And Florida

Consider these estate planning points

On Behalf of | Oct 19, 2021 | Estate Planning |

Your estate plan outlines exactly who you want to receive which assets after your death. There are several components to consider when you’re creating your estate plan. These include the will, trusts, a living will and power of attorney documents.

Each estate plan must be personalized to suit your specific needs. Once you know your goals for the estate, you can work with your estate planning professional to ensure that it’s conveyed in a way that will meet those goals. As you’re getting everything set, be sure that you don’t make mistakes that might cost your heirs time and money.

List assets once

Only list each asset once. Some assets, such as financial accounts, might have a payable on death designation that covers what happens to the funds when the account holder dies. Those assets can’t be listed in the will or trusts because it might cause a conflict later if the designation is changed. When there are conflicting instructions, the estate may have to cover the error. This could mean having to pay an heir for an asset, which can be costly.

Double-check the terms

The terms of the estate plan should be set based on your current wishes. It’s a good idea to check the plan periodically so you can ensure that you still own the assets listed and that your heirs and anyone named in the power of attorney designations are still who you want to handle your affairs. 

Anyone who’s creating their estate plan should ensure they’re working with someone familiar with these cases. Customizing it to meet your specific needs is critical so that your wishes are followed. It’s ideal to get this plan set as quickly as possible so that you’re able to rest assured that everything is in proper order.