Many people in Delaware focus a lot more of their attention on their retirement plan than they do on their estate plan. Although few people enjoy thinking about what will happen after they die, it is important for Delaware residents to plan how their property and affairs will be handled for the sake of their children and other beneficiaries.
A will is an important estate planning document, but it is not sufficient on its own. To create a comprehensive estate plan, an individual should leave specific instructions to the executor who is named in the will and set up financial trusts for their beneficiaries. It is also important for a person to create legal documents that will provide guidance about their wishes concerning end-of-life medical care should they be unable to voice them when the time comes.
During this process, updating the beneficiary designations on retirement and other financial accounts is a crucial step. This is important because these designations will in most cases preempt contrary provisions in a will. People who own businesses or have wishes for the distribution of their assets that are not straightforward may also want to give extra attention to their estate plan. With no comprehensive plan in place, the results can often be a disaster for a person’s heirs.
By the time someone reaches retirement age, there could be many factors in their life that have complicated their original wishes. An attorney may be able to help clients sort through their affairs to determine the best possible solutions for transferring their assets to their beneficiaries. With valid and complete estate planning documents, the risks of conflict and delays after death can be minimized in many cases.