As summer brings longer days and a more relaxed pace, it can also serve as the perfect time to tackle your estate planning checklist. Whether you are planning a summer vacation or spending time with family, now is a great opportunity to ensure your estate plan is comprehensive and up to date. Shoup Legal, estate planning attorneys in Southern California, helps individuals and families build estate plans that reflect their current wishes, provide peace of mind, and help avoid probate.
Summer Is the Perfect Time to Review Your Estate Plan
Taking advantage of this season can help ensure your affairs are in order and that your estate planning goals are still aligned with your current life situation.
Life Events Can Change Your Plan
Marriage, divorce, the birth of a child, a move to a new state, or a major change in your financial assets can all impact your estate plan. These changes may require updates to your will, trust, power of attorney, or beneficiary designations to ensure everything is distributed according to your wishes. For a list of such events, please read “Life Events That Require an Estate Plan Update.”
Confirm Your Beneficiaries and Executors
Your will and any beneficiary designations on retirement accounts, life insurance policies, and financial accounts should be reviewed. Confirm that the people named are still appropriate and that your executor and trustee are individuals you continue to trust to carry out your wishes.
Check for Gaps in Your Documents
Even a strong estate plan can have weak points. Ensure your documents include a durable power of attorney and healthcare proxy so that someone you trust can make financial and medical decisions on your behalf if you become incapacitated.
Update Your Choices With Professional Guidance
An experienced estate planning attorney can help ensure your documents reflect your current situation and goals. Estate planning is crucial not only for distributing assets but also for avoiding conflicts among family members.
Build a Strong Foundation With a Comprehensive Estate Plan
If you don’t yet have an estate plan in place, summer is the perfect time to start. A comprehensive estate plan is an essential part of long-term planning and can help you manage and distribute your assets efficiently.
Include a Will and Living Trust
A will dictates how your assets are distributed upon your death, but it must go through probate. A living trust allows assets to be distributed without going through probate, which can save time, money, and emotional strain for your loved ones. If you are unsure about the differences between a will and a trust, we have an article that will explain it: “The Difference Between a Will and a Living Trust in California.”
Name Trusted Individuals to Key Roles
You will need to designate someone to serve as your trustee, executor, and power of attorney. These trusted individuals will manage your financial matters and medical decisions on your behalf if you become incapacitated. Selecting the right people provides peace of mind and ensures your wishes regarding medical and financial decisions are honored. Take a look at “Who Should Be Your Trustee” for additional information.
Understand the Type of Trust That Works for You
A revocable living trust is a popular option that allows you to manage your estate during your lifetime and make changes if your wishes or circumstances change. There are also irrevocable trusts, special needs trusts, and charitable trusts depending on your estate planning goals.
Organize Your Financial and Insurance Documents
Make sure all your insurance policies, life insurance policies, and retirement accounts are accounted for and aligned with your estate plan. Keeping everything in one place helps your trustee and executor manage your estate more effectively.
Use a Checklist to Keep Your Estate Plan on Track
A summer checklist can help ensure you don’t miss any essential estate planning items. This can provide peace of mind and ensure that your family is protected in case something happens.
We have a convenient checklist for you to use. You can access it here: https://online.flippingbook.com/view/918305064/
Inventory Your Assets and Liabilities
List all financial assets including bank accounts, investment accounts, business interests, and real estate. Also include any debts or obligations so your estate can be properly settled.
Ensure Your Plan Reflects Your Current Wishes
Review your documents to ensure they still reflect your values and priorities. If your family dynamics or financial situation have changed, you may need to update your estate plan accordingly.
Make Sure You Have a Durable Power of Attorney
A durable power of attorney allows someone to manage your finances on your behalf if you become incapacitated. This is essential to avoid financial disruption if you are unable to make decisions. See also: “What is a Durable Power of Attorney?”
Designate Healthcare Preferences and Directives
Having clear healthcare directives in place ensures that your medical care reflects your wishes. This includes naming a healthcare proxy and providing guidance for specific scenarios. Wondering why you need a healthcare directive? Read “Do I Need a Medical Power of Attorney?”
Seek Professional Guidance to Avoid Mistakes
Working with a trusted estate planning attorney like Shoup Legal can help you avoid common pitfalls and ensure your plan is legally sound.
Legal Advice Can Help Avoid Probate
A well-crafted estate plan can help you avoid probate or minimize the need for it. Trusts are a common tool used to pass assets directly to beneficiaries without court involvement. One of the most important articles you should read is “How to Avoid Probate in California.“
Ensure Your Documents Are Up to Date
Outdated documents can lead to unintended consequences. Regular updates help ensure your estate is distributed according to your wishes and that your decisions are honored.
Help Ensure a Smooth Transfer of Assets
Proper planning ensures your assets are distributed according to your wishes. A clear estate plan also helps your surviving spouse or beneficiaries navigate the process more easily.
Build a Legacy With Confidence
Knowing that your affairs are in order can help you enjoy your summer vacation without stress. With the guidance of Shoup Legal, you can build an estate plan that protects your loved ones and secures your legacy.
FAQs
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Make This the Summer You Secure Your Legacy
Whether you’re traveling with family or simply enjoying a quieter pace, summer is a smart time to prioritize your future. At Shoup Legal, we make the estate planning process simple, thoughtful, and personalized. Let us help you create or update your estate plan so you can move forward with confidence. Reach out today to schedule your consultation and take the next step toward peace of mind.