Beneficiary designations are a crucial part of estate planning, yet they are often overlooked. Once you have signed your estate planning documents, you need to make sure that your beneficiary designations are consistent with the rest of your estate plan.
If you have a loved one who deals with chronic illness or a disability of some kind, you want to be able to keep supporting them after you’re gone. However, you don’t want to disrupt their ability to collect funds from programs like Medicaid or disability payments. In these situations, you can use a special needs trust.
Regardless of their actual financial standing, job title and income, many Americans—and probably most federal civil servants—would identify themselves as middle class.
Updating one’s estate planning documents involves changes to one’s trust, will and/or designation of death beneficiaries, as relevant. To be effective, such updates must be done correctly.
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