A well-written estate plan gives instructions for what you want to happen. To know whether those instructions are likely to work, you also need to look at how each asset would actually be managed or transferred.
Check the documents against your wishes
First, make sure you understand the plan you signed. Who could act for you if you could no longer manage your affairs? Who would receive your property after your death? If a trust is involved, what would the trustee be authorized to do, and for whom?
Your answers should match what the documents say. If your family, assets, or goals have changed since you signed them, the documents may need another look.
Follow the path of each asset
Next, review your asset ownership and beneficiary designations. A retirement account or life insurance policy may pass to the person named on its beneficiary form. A jointly owned account or property may have its own transfer rules. A trust generally needs the intended assets transferred to it or otherwise coordinated with it. Signing the trust alone does not complete that work.
That review should include bank and investment accounts, real estate titles, and business interests. For each significant asset, ask who can manage it during your lifetime and where it would go at death. If the answer conflicts with your documents, the plan may produce a result you did not intend.
Follow through and revisit the plan
Some implementation steps are easy to postpone. A deed may need to be prepared and recorded. An account may need to be retitled. A beneficiary designation may need to be updated with the institution that holds it. These steps vary with the asset and the goals of the plan.
Cardon Law can help you track your assets, identify the steps needed to coordinate them with your documents, and assist with transfers and related paperwork. A review after major changes in your life or finances can help keep the plan aligned with your intentions.
