5 Ways To Ensure You Have a Solid Estate Plan

Estate planning is a crucial step in preparing for the future. An estate plan ensures that your family is protected and that your assets get distributed according to your wishes after you pass away. But, there are several mistakes you can make during the planning process. If you have never done any estate planning, you might not know what these mistakes are or how to avoid making them.

If you're not sure how to ensure problem-free estate planning, read the list below. Explore five ways to ensure you have a solid estate plan in place.

1. Start Planning Early

When planning your estate, one of the mistakes you can make is delaying the planning process. If you are like many people, you may assume you have plenty of time to get your affairs in order. That is not the case though. You never know when a catastrophic illness or accident is going to happen.

Those events could speed up your passing. If you do not have an estate plan in place, your loved ones will be left to tie up the loose ends. This can lead to conflicts between family members and delays in dispersing your assets. That is why you should have an estate plan in place as soon as possible. 

2. Include Digital Assets

In this new age of finance, many people own different forms of digital assets. Some of those assets include online investment accounts, digital files, and cryptocurrency. If you own different forms of digital assets, they need to be included in your estate plan. Failing to include those digital assets in your estate plan can cause serious problems for your loved ones.

In fact, your loved ones may not be able to access those accounts at all. That is especially true where cryptocurrency is concerned. To avoid those problems, include all forms of digital assets in your estate plan. And, include instructions for accessing those accounts, as well. 

3. Update the Information

Circumstances change throughout your life. Some of those changes include marriage, childbirth, and divorce. Your estate plan should address those changes. That is why you need to update your estate plan from time to time.

Failing to review and update your estate plan can lead to outdated instructions and cause problems for your beneficiaries. When you go through a major life event, revisit your estate plan. This allows you to make necessary changes to your estate plan.

4. Designate Guardianship

When creating your estate plan, you can get caught up in details like beneficiaries and executors. But, there is another designation you need to make. That is the designation of guardianship. If you have minor children, this is an important part of your estate plan. The guardian you choose will manage the assets you leave to your children. They may also need to step in to raise your children.



Choose a guardian you can trust to focus on the best interest of your children. Without a designated guardian, the decision can be left up to the courts. If you are not sure how to choose a guardian for your children, speak to an attorney. They can help you through the process. 

5. Reduce Tax Liability

There are ways to reduce the amount of money the IRS receives from your loved ones after you pass away. Before you finalize your estate plan, talk to an attorney. An attorney can help you minimize your tax debt.

If you are ready to start planning your estate, contact us today. Our attorneys can help you design an estate plan that will protect you and your loved one.