Here are 5 quick do’s and don’ts when it comes to you estate plan.
Don’t name your minor kids as beneficiaries on your insurance policy.
If something happens to you before they turn eighteen then a court is going to have to appoint someone to manage the money for them, and even worse when they do turn eighteen, they have instant access to everything you have left.
Do have backup healthcare agents named.
You may feel as though you only trust one person to “pull the plug on you when you are sick” or make clutch decisions for you in an emergency; But if that person is not available, you are going to need to have someone around to make those tough decisions for you.
Don’t add your adult child’s name to your bank account.
A lot of elders will add their adult child’s name to their bank account for convenience and think that the kid will do the right thing and split the money with their brothers and sisters. Putting the name on the bank account can make them an outright owner of the money and they may just choose to not split the money with them after you are gone.
Do name guardians for your minor children
This one is a no brainer. It’s simple if you don’t name guardians yourself then a probate judge that knows nothing about your family and your values is going to make that decisions for you after you’re gone.
Don’t put off making a plan
Between jobs, kids, family etc. it easy to let days go by without one, but every time you step out that front door something can happen to you. If you do not create one your family and loved one will be left cleaning up the mess you leave behind.
Almost 50-60% of americans don’t have an estate plan. Make this the year you leave that percentage behind and get an estate plan.
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