Working with an estate planning attorney is a great first step to get a handle on the different types of tools that may be most useful to you. Your attorney can recommend strategies and documents that can help protect your interests while you’re still alive and ensure that your wishes are protected after you pass away.
Once your estate plan is complete and all of the documents have been properly signed, you may need to take additional steps such as retitling assets. In the event that you created a trust for estate planning purposes, your lawyer should provide you with insight on how to title your assets. Failing to retitle your assets into the names of certain trusts, for example, may void the potential benefits of the planning process, meaning that these assets will then be disposed of in a manner that was not consistent with the goals you established in a trust.
For example, you might need to update your home’s title to reflect the new trust that you’ve created, such that your share of the home flows into the trust document rather than following any probate rules within your state. Any other assets such as bank accounts and vehicles may need to be retitled if you intend for them to be managed within the trust. Make sure that you stay in touch with your estate planning lawyer to verify that you have kept all these documents up to date and in line with any other changes in state or federal estate rules.
