When it comes to estate planning, there is a lot on your plate that you need to deal with. Unfortunately, the result of there being so many competing issues is that things can sometimes fall through the cracks. This can affect what happens at the end of your life, as well as your ability to leave the legacy that you want for your loved ones.
You don’t want to forget about key issues that are a part of the estate planning process and, as a result, see outcomes that are different from what you would have preferred for both you and your potential heirs or beneficiaries. In order to make sure this does not happen, be sure to address these five key estate planning issues so you don’t find that something important is left to chance.
1. Checking your beneficiary designations
One of the most common mistakes that people make is not checking that their beneficiary designations line up with their preferences.
There are some assets and accounts that require you to directly name a beneficiary. For example, you are going to have to do this for your life insurance policy. If you have a workplace 401(k) or certain other kinds of tax-advantaged retirement plans, you are also going to have to name a beneficiary on the account. Typically, it is our recommendation for clients to name their revocable living trust as the beneficiaries (or contingent beneficiaries for married clients) to avoid previously unseen adverse consequences.
2. Making plans for your pets
Making plans for your pets is another very important thing that you cannot overlook when you make your estate plan. You should ensure that someone is there to take care of them so they do not end up in a shelter, as the National Kitten Coalition reports that 7.6 million companion animals enter the shelter system every single year, and 2.7 million are euthanized.
Of course, no pet owner ever wants this outcome for their companion animal, so you should be able to avoid this outcome if you make plans to name someone to care for your pets. Of course, be sure to talk to the person whom you have chosen and confirm that they are on board.
If you are able to do so, you should also try to leave a little money behind that is earmarked for your animals, as veterinary care can be expensive, and you don’t want your pets to be unprovided for because the caretaker you have chosen has financial struggles.
3. Taking into account the unique needs of your heirs or beneficiaries
When you are making your estate plan, you need to consider the specific needs of those who are inheriting. You can’t always just transfer money via a will and expect everything to work out.
For example, if you are providing for a loved one who is on disability or who is receiving Medicaid coverage, then leaving them a large sum of money could result in them losing access to means-tested benefits. The use of a special needs or supplemental needs trust could enable your loved one to inherit the money and property that you want to provide to them, without causing them to lose government benefits they may be relying on.
4. Addressing what will happen if you become incapacitated
You’ll also need to take steps to address what should happen to your money and property if you become incapacitated but do not pass away. Far too many people forget to plan for incapacity, and the result of that can be dire as your loved ones may be forced to go through an expensive and inefficient process of having a guardian named.
You don’t want to put your assets at risk in case you become unable to manage them, so use a living trust with a power of attorney to ensure someone can care for your property if you can no longer do so.
5. Taking steps to protect your assets in case you need nursing home care
Finally, you ned to make sure you are taking steps to protect assets in case you need long-term care, which is every expensive and which could leave you broke. You can work with an attorney to make a Medicaid plan or can look into the possibility of getting long-term care insurance.
The Edwards Law Firm can help you with these and other issues. Contact a Jacksonville area estate planning lawyer at 904.672.7600 or contact us to schedule a consultation with an experienced member of our legal team to ensure that nothing is overlooked in your estate planning process and to confirm you have the type of comprehensive plan in place that ensures you and your loved ones get the very best possible outcomes when you pass on. The Edwards Law Firm services Northeast Florida, with offices in Jacksonville and St. Augustine.
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