Estate planning is a powerful tool, allowing you to distribute your assets after you’re gone, empower others to act on your behalf, and make important medical decisions for yourself. However, it’s also a complex process, and even minor errors can cause significant headaches for those you leave behind. Here are a few tips to keep in mind to ensure your wishes are respected and reduce the risk of conflicts later.

Do:

Choose your executor carefully

The executor of your estate is responsible for paying off all remaining debts, protecting your property, closing accounts, and transferring assets to your heirs. Because this position involves so much responsibility, it’s important to choose someone you trust, who is capable of fulfilling their obligations. Keep in mind that many states, including North Carolina, prohibit out-of-state residents, felons who have not fulfilled their sentences, and many others from serving as executors.

Speak to an attorney

Online resources and books make estate planning seem simple, but the documents and advice provided by these services may not perfectly match your situation. Only a skilled attorney can review your unique circumstances, talk through your goals, identify potential issues, and create an estate plan designed for your unique wants and needs.

Don’t:

Put it off

If you’re still young and in relatively good health, it may seem like there’s plenty of time to put together an estate plan later. However, the unexpected can occur at any time. Protect yourself and your family by creating a plan as early as possible. 

Forget to update your estate plan

A marriage, divorce, or birth of a child all change your priorities and responsibilities, and you’ll want to update your estate plan to reflect any new developments. You should also review your will if one of your beneficiaries passes away, your relationship with a family member breaks down, or you acquire significant new assets. As a general rule, make it a habit to review your estate plan annually, updating it if necessary.

Estate planning can be confusing, but a skilled lawyer can walk you through the process, providing peace of mind and detailed legal advice. For more than 30 years, Randy L. Cranford Attorney at Law has been serving residents of Davidson County, NC, with dedicated, personalized solutions to meet their unique situations. Visit the firm’s website to learn more about their array of legal services, or call (336) 476-3115 to get started on your estate plan today.