Estate Planning & Probate Specialists

Estate Planning & Probate Specialists

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You can’t predict the future, but you may be able to plan for it

Life is often full of sudden and unexpected changes, and having a plan in place for each can be difficult at best. While you may not be able to predict when your time on earth will end, you might be able to prepare for what comes next by planning your estate, which may help ensure your wishes live on even after you are gone.

Although at a glance this process may seem straightforward, it can be somewhat challenging, especially when it involves complex assets, such as retirement accounts. However, there are numerous steps you can take that may prove beneficial to avoiding a potentially undesirable outcome.

Estate planning and retirement accounts

Although to some the idea of planning for one’s death or incapacitation may seem somewhat stressful and intimidating, putting this off in favor of avoiding the thought could prove much more detrimental in the long run. Chances are, you may have loved ones that you wish to receive the benefits of your retirement funds, and some tips to assist you throughout this process may include the following:

  • Documenting accounts:  The first step in the process may include identifying all retirement accounts and benefits, which may also assist you in forming a decision concerning the party or parties that will receive them following your death.
  • Assigning beneficiaries:  When planning your estate, many of your retirement accounts may allow you to choose a beneficiary or beneficiaries who will receive any remaining benefits while potentially avoiding probate in the process.
  • Laws that may apply:  Certain accounts, such as a 401(k), may require that you name your spouse as beneficiary unless he or she signs a reform relinquishing these rights.
  • Special needs:  If you receive Social Security Benefits, your spouse, and in some cases, your children, may be eligible to continue receiving your benefits under certain circumstances following your death.

For those who reside in community property states, such as Texas, the law may also require that you name your spouse as beneficiary on retirement accounts. With numerous available options and the potential gravity of each decision, you might find it beneficial to seek advice on how to proceed.

Guidance in planning your estate

If you have given a fair amount of thought into planning your estate, you might have a solid idea of what you wish to happen to your assets at the end of your life. However, retirement assets can be complex, and attempting to navigate the process alone can be stressful and daunting. By seeking advice from someone with experience in the area, you could obtain valuable information and insight into estate planning, which could prove beneficial to making informed decisions that align with your wishes concerning the future.