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We are a board-certified consumer bankruptcy attorney and a lawyer with over 30 years of experience in the areas of consumer rights and criminal defense. Together, we help people in Florida’s Panhandle keep their homes, find long term debt relief, fight criminal charges and develop estate plans that will benefit them and their loved ones.

Photo of the legal team at Hathaway Sprague Law, P.A.
GET HELP TODAY

Toll Free :
888-858-5404
Local :
850-391-2884

Hathaway Sprague Law, P.A.
Experienced And Effective

We are a board-certified consumer bankruptcy attorney and a lawyer with over 30 years of experience in the areas of consumer rights and criminal defense. Together, we help people in Florida’s Panhandle keep their homes, find long term debt relief, fight criminal charges and develop estate plans that will benefit them and their loved ones.

Photo of the legal team at Hathaway Sprague Law, P.A.
GET HELP TODAY

Toll Free :
888-858-5404
Local :
850-391-2884

Hathaway Sprague Law, P.A.
Experienced And Effective
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  4.  » How can I ensure my estate plan is effective?

How can I ensure my estate plan is effective?

On Behalf of | Oct 21, 2020 | Estate Planning And Probate |

You likely know that you should update your estate plan regularly to adjust it to the changes in your life or finances. You should always work towards an airtight plan that will leave your heirs in a good position upon your death.

Forbes explains there are a few steps you can take to improve upon your estate plan even if you already think it is as good as it will get.

Double-check your life insurance

Financial needs change a lot. Sometimes, they change over the course of a year depending on what is happening with the economy. So, you need to stay on top of your life insurance. Make sure it makes sense. Do the math and take the time to see if your insurance will provide your loved ones the coverage that they need, and if it does not, make changes.

Review beneficiaries

It is often easy to forget about accounts you hold that have beneficiaries. However, it is essential to continue reviewing these often because they will pass right to the named person upon your death. They will not go through probate or have judicial oversight. If you have someone as a beneficiary that you no longer want in that position, there is nothing anyone can do unless you change it before your death.

Consider charitable giving

If you give to charity now, then you may want to include charitable giving in your estate plan. In looking over your plan, you may see that your loved ones will be financially sound and that you have some extra funds. You can incorporate charity into your estate plan and ensure that upon your death, an organization that means a lot to you will receive a nice gift.

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