You May Not Need a Long, Extensive Estate Plan

IStock_40331550_XXXLARGEThere are some things you need to do, even if you don’t think you need an estate plan.

Your assets do not generally go where you want them to go when you pass away, unless you have an estate plan, according to Fidelity in "Estate planning must dos."

There are really two things that must be done at a minimum.

First, you need to check beneficiaries on documents such as life insurance policies and retirement accounts. These beneficiaries are legally entitled to the proceeds of the accounts after you pass away.

And, secondly, you absolutely must title any real property you have appropriately. Of course, what is appropriate titling, depends on your individual family situation and is something you should discuss with an attorney.

Those are the two absolute basic minimal estate planning requirements.

An estate planning attorney can advise you on the minimum you must do, but can also advise you on creating a complete estate plan that meets your unique circumstances. Call (443) 470-3599 today and schedule a consultation with Maryland Attorney Britt L. Stouffer to learn more about Estate or Elder Law and how she can help you.

Reference:  Fidelity (March 27, 2017) "Estate planning must dos."