Spring Clean Your Estate Plan, Continued

Welcome back! In today’s post, our estate lawyers in Raleigh NC are going to continue to talk about spring cleaning your estate plan. If you missed our first post, you can visit back here.

Our Estate Lawyers in Raleigh NC Want to Help You Get Your Estate Plan Updated!

Today, our focus will be on business interests and life insurance and retirement plan updates. It’s important to stay in contact with your estate lawyers in Raleigh NC and to keep your estate plan updated at all times. To ensure you re-evaluate and update the plan each year, it’s a good idea to set a certain time annually to do so. March is a great time because, as we mentioned previously, it’s also the perfect time to clean and organize our homes and lives.

If you’re considering updating your estate plan, be sure to contact our estate lawyers in Raleigh NC soon, to set up a consultation! Below, you’ll find our final thoughts on the last few things that need updated each year.

Business Interests

Since business interests can become a bit tricky, it’s a good idea to allow your estate lawyer to look over your business corporation type and transfer restrictions. It’s also a good idea to review articles of incorporation to make sure there aren’t any other related restrictions in place. In addition, you might consider checking your company records to see how interest in the company is owned.

Life Insurance/Retirement Plans

Certain types of possessions are called non-probate assets. When properly set up, the nominated beneficiary will receive the assets upon your death.  Life insurance, annuities and retirement plans are often the most common non-probate assets.

It’s also a good time to review those named as beneficiary for the assets mentioned above.  In some cases it may make sense to nominate your trust as the beneficiary.  You should speak to your estate lawyer in Raleigh NC prior to doing this. If you have young children who would become heir to the asset it is usually better for them to obtain it through a trust.

Keep in mind it’s a good idea to have an estate lawyer in Raleigh NC take a look at your plan any time a major life event occurs.  Those events could be a birth, death, marriage, divorce, move to a different state or substantial change in wealth. If it’s been a number of years since you created your estate plan, it might be a good idea to dust off your documents and evaluate whether or not they still meet your needs.

Furthermore, you may want to consider making updates to your plan if it was drafted while your children were young. As always, please contact Klish and Eldreth, PLLC, estate lawyers in Raleigh NC, with any questions.

 

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