How is Your Estate Plan Looking for Father’s Day? (Part 3 of 3)

Part 3 or 3

Happy Father’s Day to all the dads, granddads, uncles and other men who have been mentors to young people. We celebrate the wonderful contributions that you have made. Enjoy your day and know that you are appreciated.

What happens to your assets when you are gone? The answer to that question is based on what you do now to address the distribution of your property. Waiting for a more opportune time to tackle the estate planning topic can have disastrous results for your family.

How is Your Estate Plan Looking for Father’s Day? Part 3 is the final post of a 3 part Series. Part 3 will focus on one idea to get you started:

Get it done

Once you have prepared your estate plan you must keep it up to date. Check your documents and beneficiary designation forms after a birth, death, marriage, divorce, transfer of property or the purchase of new assets.

Estate plans have many parts and changes may be required when major life events occur. The one size fits all approach does not address your unique circumstances and wishes.

Make sure that the information on your bank accounts, retirement accounts, life insurance policies and other assets is current.

To sum up the 3 Part Series: Face reality, stop procrastinating, take inventory, hire a professional and get it done!

The items listed above are just a few of the things that you should consider when putting your estate plan together.

Check out the entire 3 Part Series – How is Your Estate Plan Looking for Father’s Day? Parts 1 and 2 of this Series can be found on abettslawblog.com.

Aquanetta J. Betts is an attorney licensed in Washington, DC and Maryland. This post is for informational purposes only and is not intended to provide legal advice.