Every person who has an estate plan needs that plan to achieve certain goals. Whether your goal is to avoid probate, to transfer large amounts of wealth to other family members or to ensure that you receive proper medical care if incapacitated, your estate plan has to succeed.
According to Forbes, many estate plans fail but you can take steps to ensure that yours does not.
Follow through with your plan
If you do not follow through with your plan, it will undoubtedly fail. Sometimes, a person will create a living trust but then forget to fund it. Once you set up the trust, you must transfer your assets to the trust. You will have to put deeds in the trust’s name, you must register vehicles with the trust and include any assets or other financial accounts.
Update your plan
You do not complete an estate plan and then forget about it. Your situation and circumstances will change. You should review and update your estate plan every few years. You want to do it more frequently if your family undergoes any major changes. For instance, the birth of grandchildren and marriages are common reasons to update a plan.
Tell your heirs
For your estate plan to be a success, remember to educate your heirs. In a lot of cases, children and other heirs will know little to nothing about the estate plan. You should educate them on how to handle your wealth and what your wishes are. Not only can you help bestow financial knowledge on your heirs for the future but you can ensure that they follow through with your wishes.