Modern is typically not a word you would use to describe an estate plan. However, it could be one worth considering if you want to ensure others can carry out your wishes in the future.
What is a modern estate plan?
In many ways, a modern estate plan is the same as any traditional plan: It is secure and accessible. It reflects your unique financial needs and wishes, as well as any advancements in medicine that might affect your long-term care plans.
However, a modern estate plan is also updated and accurate. It takes into account the current situations and relationships of your beneficiaries. It might also be more creative than traditional estate plans.
Further, modernizing your estate plan means taking advantage of recent tax and financial legislative incentives. It should utilize legal methods of streamlining probate and property transfers. And it should address things like your digital property and assets.
Finally, an updated estate plan, can be used to effectuate your modern priorities, even in the midst of laws and legal processes that have been in place for decades.
Do’s and don’ts to consider
If modernizing your estate plan is something you wish to do, there are some tips to help you accomplish this task.
- Do be sure you consult an attorney. Even if you believe your plan is fairly conventional, it can be unenforceable if it is not properly drafted.
- Don’t assume a once-size-fits-all approach will be right for you. You may have wishes, family circumstances or resources that you cannot properly plan for if they do not fit neatly into a template.
- Do think outside the box and consider creative solutions.
- Don’t rely too much on technology. For instance, you might store your estate planning documents digitally, but having physical copies in a safe place is also wise.
Follow these tips to help you build an estate plan that protects that which you value most today and in the future. To discuss in more detail, contact Sjoberg & Tebelius, P.A.