When executed properly, estate planning can minimize legal fees, decrease taxes and lower administrative expenses.
Like so many undertakings in life, leaving loose ends when it comes to your estate planning can lead to lost opportunities, stressful last-minute fixes or, ultimately, failure to achieve the desired end result—more money left to your family, friends or choice charities. It can cost your estate dearly, and sometimes no amount of time or money can rectify the problems left by half-hearted efforts.
1. Update your beneficiaries.
At the time of your death, a lot of your estate may not pass by your will. With retirement plans, life insurance and transfer on death (TOD) accounts, you can name a beneficiary to receive these accounts once you pass away.