When it comes to making decisions about assets and money, what you do not consider can ultimately spell disaster for your loved ones. They may be aware of your verbal wishes regarding what to do with your assets after you die, but without proper legal documentation or a Greenwich estate plan in place, there is no way to ensure they will adhere to them.
Talking to your loved ones about your end-of-life wishes can help ensure fewer hiccups after you die. However, you must not forget to take into account that death brings out strange reactions in some people and is known to be a source of conflict, especially with assets and inheritances on the line. To minimize the number of challenges to your estate plans, keep these two questions in mind when drafting them.
Are you covering all bases?
Depending on how complex your estate is and how much wealth you have, you may need more than a basic will or trust to designate where your assets should go. Estate planning not only ensures your legacy remains intact after death, but it also provides a safety net in the event of a serious illness rendering you unable to manage your affairs yourself, while you are still alive. Living wills, advanced directives, irrevocable and revocable trusts and powers of attorney are essential components you can use to strengthen your estate plans and lessen the likelihood of financial and emotional duress when it matters most.
Does anyone know where your estate plans are?
Estate plans are not enforceable until probated. This cannot happen if no one knows their location. It is not necessary for you to inform every single family member of their location. Ideally, you should keep them somewhere safe and secure, like in a safe deposit box or safe where only your most trusted family members can access them when necessary.
There are many aspects to consider when creating estate plans. Depending on the wealth and complexity of your financial landscape, it may be necessary to seek out professional assistance to protect your legacy from the wrong hands.