The only way to ensure that your belongings are properly distributed according to your wishes after death is to leave an airtight plan behind. Estate planning helps eliminate uncertainties surrounding estate distribution and attempts to maximize value by reducing taxes and expenses. Ultimately, the format, duration, and content of your plan will depend on your specific goals and needs. Estate planning attorneys are available to assist you in this process. Large properties generally result in more complicated preparation, but regardless of their size, the following tips will help ensure that your assets are divided according to your wishes.

You must keep all your documents and information up to date. Your will or trust can be invalidated by a number of major life events, including marriage, divorce, relocation, and the birth of a child. You should also be aware of changes in laws and regulations. Keep your personal and legal information as up to date as possible. Your attorney should periodically review your will or trust to make sure it is legally binding. Despite the clarity with which you convey your intentions about your belongings, it takes a trained eye to make sure your legal bases are covered.

Next, check all the policies and accounts and know the beneficiaries listed for your IRAs, qualified plans, and life insurance policies. The beneficiary you listed when opening these accounts may no longer be the person you would like to leave these assets for. Changing the beneficiary simply requires some paperwork; however, if you have an attorney, always consult for legal advice before adjusting your plan estate.

You also need to maximize the liquidity of your physical assets and monitor your investment risk. Liquidity refers to the amount of time and effort required to convert your assets to cash. Illiquid assets are substantially more difficult and expensive to sell. Sadly, death will bring all kinds of expenses to your family members, including taxes and funeral costs. Make sure you give them quick access to enough cash, even if it’s through liquidation.

Appointing a trusted executor is one of the most important aspects of estate planning. Most people choose an executor from among qualified estate planning attorneys, while some choose a trusted family member. Your trustee will take care of collecting your assets, paying debts and obligations, and distributing your assets according to your wishes. You should select someone who is knowledgeable about property law and who you can trust. Considering training and experience, estate planning attorneys are your best option for the position of executor. You need someone who can work remotely from the situation and is not emotionally involved in the outcome of the estate allocation.

Make sure to consider the character and personality of each person for whom you intend to leave something behind. If you are the parent of a minor, keep in mind that the person you choose to guard your child does not necessarily have to manage that child’s trust. You can name a guardian for your child and put someone else in charge of managing the money. Similarly, if you have a teenager or family member who is notoriously financially irresponsible, you can implement a money management system. Every situation is different, which is why estate planning attorneys are so important.