5 Things You Should Know About Estate Planning

1. Beneficiary designations trump estate planning documents.

Any beneficiary designations you have made through a financial institution — such as a bank or retirement broker — will control your assets even if your will and/or trust say otherwise. Miracle Law helps ensure all your documents match and that your financial institutions are notified of your wishes in accordance with your will or trust.

2. A will does not avoid probate.

A will is essentially a letter of instruction for the court. A will has no authority until someone submits it to a court to be validated and the court appoints a personal representative.

3. Your spouse or child has no automatic right to make your financial or medical decisions if you are disabled.

You must have a written power of attorney. Otherwise, a court proceeding will be required to appoint a guardian (for medical decisions) or a conservator (for financial decisions).

4. No two trusts are the same.

Similar to how there are different makes and models of vehicles, there are many types of trusts. For example, an irrevocable asset protection trust has a different tax status than a revocable living trust. Just like no two families are the same, your trust is unique — tailored to the needs of your family.

5. What worked for your grandparents or parents may not work for you.

Laws are increasingly complex, and financial institutions are more regulated than they used to be. Do not count on past experience.