Top Tips from an Estate Planning Lawyer – McNamara Law Firm

Please consider my “top tips” – your family will thank you later.
• Have your estate planning documents well organized in a binder with tabs separating the different documents. If you have trust amendments, make sure they are “on top” of the prior trust.
• Do not keep your documents in a Safe Deposit Box – your Agent may need to get to them in an emergency.
• Make sure your named Agents have a copy of your Advance Healthcare Directive and HIPAA release in case you have a medical emergency.
• Have a back-up electronic copy (pdf) of your estate plan – use google drive or other cloud based system where you can easily access them if your originals are destroyed.
• Keep the original estate planning documents in your possession. In the old days, lawyers kept the original documents. This is not a good idea in the modern world. Lawyers die, retire, and move offices. Make sure YOU have the originals.
• Keep your assets streamlined. More accounts means more work. Multiple annuities, IRA’s, bank accounts, and other assets can create a lengthy and cumbersome administration after death.
• Keep a copy of your CURRENT asset statements and life insurance policies in the back of your estate planning binder so your next trustee knows what you have. If you no longer own the asset or property, shred the old statements or old deed.
Confirm that your IRA/retirement • account beneficiaries are correct (primary and contingent). Are your other assets titled in the name of your trust?
• Your estate planning documents should be current. Laws and tax matters change over time, and old documents may be problematic. If you want to change your documents, do it now. We are not guaranteed a tomorrow.
For more information, please contact the McNamara Law Firm at (661) 287-3260 or visit www.themcnamaralawfirm.com.