Tennessee residents who have an estate plan in place should congratulate themselves. They have done what millions of Americans put off for years and that some never get around to. However, even if you have an estate plan in place, you may be asking yourself if it can be better. Are there ways to explore upgrading and updating your estate plan?
According to a recent report, there are a few straightforward moves that can be made to improve existing estate plans. To start, those with an estate plan should review their beneficiary designations on instruments such as retirement plans and life insurance policies. You may have the right designation in your plan, but do you have the right designation with the entities that hold those accounts and policies? It is a good idea to double-check to ensure proper distribution when the time comes.
Next, those who have a will and other estate planning instruments in place may benefit from considering another estate planning instrument: a trust. A trust can help Tennessee residents avoid the probate process, if done correctly. Trusts can also make the whole process of passing on assets easier while allowing individuals to place conditions upon the release of trust assets.
Lastly, some individuals who already have estate plans in place may want to review their plans to go back and incorporate some form of charitable giving. A charitable gift as part of an estate plan can be the prefect legacy, and it may shield some assets from taxes. However, there are a variety of ways to go about making charitable giving a part of an estate plan, so Tennessee residents should be sure to review their legal options.