Do you have an estate plan? Most people do (sort of), but it’s often not written down, and it may be based on a lot of wishful thinking and wrong assumptions, the so-called “Dirty Dozen” of estate planning. To preserve family harmony while saving both time and money, here’s what we help our clients do from Day 1 of our relationship:

1. Create an estate plan — basically, who gets what, when and how after you’re gone. If you think your family can stay close while dividing up your assets, think again. This is a BIG – and often erroneous – assumption.
2. Make sure all your assets are titled properly, in line with your estate plan. Slightly different or ambiguous naming on titles can really mess things up, especially for complex family situations that include stepchildren and ex-spouses.
3. Protect your privacy by using trusts and other vehicles, in addition to a will. A will becomes a public document upon your death, and having a will does not mean your estate will avoid probate.
4. Plan ahead for what will happen to assets that aren’t easy to sell or transfer, such as a closely held business or land.
5. Place your life insurance policies inside a tax-efficient structure, such as an irrevocable life insurance trust (ILIT).
6. Implement strategies geared to reduce taxes (estate, income, capital gains), if tax savings is a priority.
7. Create a separate plan for what happens if you become disabled, such as a health care directive or living will.
8. Include end-of-life care in your estate plan, to take the burden off your loved ones when the time comes for them to make major decisions for you.
9. Update the beneficiaries listed on your estate documents and financial accounts after major events like a new baby, marriage, divorce, death, etc.
10. Review your estate plan regularly. Even if your family situation stays the same, laws and regulations change.
11. Use a secure way to store estate planning documents and account passwords.
12. Name an Executor who has the time and expertise to effectively manage your estate. LNWM often serves as the Executor of our clients’ estates.