A comprehensive
estate plan requires careful consideration and planning as well as a thorough knowledge of the applicable state laws.
An thorough estate plan contains a number of legal documents.
Depending on your personal needs and desires, estate planning documents can include (are not limited to):
Each one of these documents serves a particular need and will achieve a specific result for your estate planning needs. They are each unique to developing a comprehensive estate plan. And yet, they all have one thing in common that is critical when it comes to estate planning: naming alternatives.
Preparing estate planning documents requires making a number of decisions. For example, for each document used in your estate plan you will need to decide who you want to name as your beneficiary, trustee, or agent, as the case may be.
You must also decide who you would want to serve as an alternate for each of those roles/positions. An alternate is a person who will either take on the duties of the originally named agent (for example, a substitute trustee) or receive the property left to the original beneficiary (for example, an alternate beneficiary).
Beneficiaries may predecease you. The people you have appointed in your documents may be:
In which case, the consequences of failing to name an alternate can be very expensive and time-consuming to fix or may completely contradict your stated desires.
Ultimately, you should name alternates in all of your estate planning documents. And if you have named beneficiaries (as opposed to a trust) on your financial accounts, name alternates on those as well.
If you need any help regarding your estate or other legal matters please reach out to us directly here and schedule a call with one of our paralegals on our scheduling page here.
As a blog exclusive, we also have some free estate planning resources for you! View our life planning guide and our estate planning checklist below to either begin your estate planning or check to be sure you're up-to-date on your documents.
Sivia Law presents a six-step checklist to create your own “Life Planning Guide.” This guide helps you advise your loved ones so that they can honor your wishes for your health care desires as well as for the distribution of your estate.
Click here to learn more!
When it comes to planning your estate, having a checklist and important documents in hand is a key part of the process.
Click here to get started with your estate planning checklist!
If you need help with estate planning or any other legal concerns, we are here for you. Don't hesitate to contact our firm directly for assistance. Our dedicated team is ready to provide support and guidance to you and your loved ones during important life transitions.
Whether you're ready to schedule a strategy session to discuss your specific needs or if you're interested in exploring our wide range of complimentary guides and additional resources, we encourage you to get in touch with us.
With licensed attorneys and offices located in both Illinois and Missouri, we are well-equipped to serve clients in these regions. Reach out to us today and let us leverage our expertise and care to guide you through the legal process.
Begin your journey by taking advantage of our collection of complimentary guides.
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