Four Critical Estate Planning Strategies for Difficult Times

The coronavirus pandemic has left many people curious about what estate planning strategy works. You also might have discovered that some estate planning strategies you once planned on utilizing are no longer the best choice.

These difficult times also hopefully prompt people who have not yet engaged in estate planning to create strategies for unexpected incapacity or death, there are also some critical steps that you can take if you already have an estate plan to make sure that you are fully prepared for the future.

Review the Terms of Existing Documents

To make sure that your estate plan is still capable of achieving your goals, it is critical to review its essential terms. While looking over your estate plan, make sure to ask yourself the important questions:

• Are the people you designated as personal representatives still the best selections?
• Have births, deaths, divorce, or marriage impacted your intended beneficiaries?
• Is the amount that each beneficiary receives as a distribution still appropriate?
• Are your health care choices still appropriately reflected in your directives?
• Are the terms of your durable power of attorney still appropriate?
• Do your loved ones know where to find your estate planning documents?

If you decide that there are any changes in your estate planning documents that you would like to make, understand that the quicker you can make these changes the better.

Decide if Any Asset Changes Have Occurred

If your estate has appreciated or if you have acquired new assets since you wrote your estate plan, now is a good time to decide if you would like to review your assets. Additionally, if you already have a living trust, now is an ideal time to make sure that any assets you have acquired after initially creating the trust are appropriately designated. 

Review Retirement Account Designations

While many people remember to appoint beneficiaries in estate planning documents like wills and trusts, it is just as critical to update beneficiaries in retirement accounts and life insurance policies. If you have not selected beneficiaries, remember that it is important to name individuals you trust and that failure to name anyone can cause you to experience adverse tax implications.

Rest Easy Knowing You Have Done What You Can

These are difficult times. After reviewing your estate plan and hiring a knowledgeable estate planning attorney, there is little else you can do to make sure that you have the best estate plan possible. To make sure that you preserve your mental and emotional well-being during these uneasy times, it is important to appreciate that you have done everything possible for your loved ones through your estate plan.

Speak with an Oklahoma Estate Planning Lawyer Today

Even as the country recovers from the coronavirus pandemic, it is still critical to make sure that you have an estate plan in place. If you need the assistance of an attorney during any part of the estate planning process, do not hesitate to contact attorney Jim A Lyon.