Conscientious Estate Planning For Oregonians

4 things people forget to do with their estate plan

On Behalf of | Dec 11, 2023 | Estate Planning

Estate planning allows people to instruct how their assets are handled in anticipation of their passing. The process of estate planning is complicated, so it’s often only normal for people to forget a few things.

If you’re worried you might be forgetting to do something as you plan your estate, you may want to read the following:

1. Update estate plans regularly

Estate planning doesn’t exactly stop until the testator passes away. In other words, testators have the option to update their estate plans and often should regularly. Many people gain more assets in their lives that they may wish to include in their estate plans. People may also change their estate plans after getting married, having a child or having a health scare. 

2. Destroy any copies of old wills

One problem many beneficiaries face is the existence of multiple wills. When a testator makes a new will, it’s best to revoke any old wills. The most straightforward way to revoke any old wills is by physically destroying it, such as shredding or burning it.

3. Ensure two witnesses sign the will

Another issue that can create issues during probate happens when a will isn’t valid. One of the requirements for a valid will is to include two witness signatures. These witnesses should not benefit from a will. Without the witnesses, assets may go to heirs and not beneficiaries. 

4. Keep the executor of the estate informed of any changes

The executor is responsible for the distribution of the estate. They’re also required to submit the will to probate court, collect death certificates and insurance payouts and locate assets and beneficiaries. There’s a lot an executor has to do and any changes to an estate plan may make this process much more difficult. The testator may want to consider talking to their executor if any major changes are made to the estate plan.

There’s a lot to know about estate planning that the average person doesn’t know about. Reaching out for legal assistance can help testators.