Review your beneficiaries annually

I recommend individuals annually review their estate plans by making sure that all designed assets actually belong in a trust. For those without a trust, they must ensure that they set up their beneficiary designations accurately.

A common occurrence for many individuals to set up their estate plan, but fail to transfer their assets into it. Now one or more assets sit in probate court requiring heirs to spend considerable time and money trying to get the funds distributed to the beneficiaries.

It seems like a very simple thing but I truly see it week after week that people just don’t want to take the time to finish their estate plan. 

At the very least, if an asset does not belong in a trust, an annual review to see if the listed beneficiaries should occur.

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