Houston Estate Planning and Elder Law Attorney Blog
Several weeks ago on our blog, we discussed the importance of beneficiary designations and how they relate to estate planning. Is it true, though, that beneficiary designations alone can create a comprehensive estate plan? The answer, unsurprisingly, is no. But what else does an estate plan require? And how can you tell what should be listed under a beneficiary designation vs. what should be included in other provisions of the estate plan?
What is a Beneficiary Designation?
By way of review, a beneficiary designation is the act of naming an individual who will inherit a part of the designator’s estate. Beneficiary designations apply to several kinds of financial projects, including life insurance policies, retirement accounts, and financial accounts. Importantly, beneficiary designations do not apply to many other kinds of assets.
What Else is Needed in an Estate Plan Besides Beneficiary Designations?
Because the beneficiary designation applies only to a subset of assets, it is important to utilize another tool. such as a will or trust, when drafting your estate plan. Wills, for example, cover all of your assets, and trusts can help you avoid probate while still passing money and property onto your loved ones. In combination with at least one of these tools, the beneficiary designation helps your heirs understand how you intend to distribute the assets available to you. It is wise to always keep an eye on your beneficiary designations, in case your plans or priorities change down the line.
How Do You Know What Should be Distributed via Beneficiary Designation?
In order to accurately understand which assets should list a beneficiary designation and which assets should go in the will or trust, speak with a Houston estate planning attorney that can look at your individual assets and help you evaluate where to go from there. When your family’s long-term future is on the line, you want to make sure you get personalized, thorough advice, and if you end up leaving something out of your estate plan, the mistake could end up costing your loved ones a headache (as well as significant time and money) down the road.
Are You Looking for a Houston Estate Planning Attorney to Help You?
At McCulloch & Miller, we are experts in all things related to estate planning, and our firm is well equipped to understand your needs and help you figure out a legal strategy to ensure that you meet (or exceed!) your goals. If you or a loved one is looking for your Houston estate planning attorney, don’t hesitate to reach out to us. We are ready, willing, and eager to help you find peace of mind regarding your long-term financial success and safety.
For a consultation with a Houston estate planning attorney from our top-rated firm, give us a call today at 713-903-7879. You can also fill out our online form with your contact information to have an attorney get back in touch with you as soon as possible to discuss next steps. We cover estate planning, probate, special needs planning, elder law, trust administration, and more.