Five Ways to Bulletproof Your Estate Plan

Estate planning involves more than simply drafting a will. It is a comprehensive strategy that has many facets. Competent estate planners can help protect you and your loved ones during retirement, set up plans in case of incapacity, help avoid taxes, and make sure assets are distributed according to a decedent’s wishes. Barry Kozak, an estate lawyer with October Three Consulting in Chicago, tells his students that estate planning does not have to be overly complicated. He offers five simple steps to make life and end-of-life easier on loved ones.

First, Kozak suggests pre-paying for a funeral. Planning and paying now takes a significant burden off a mourning spouse or child. Second, set up a family committee to manage a revocable trust. In case of mental incapacity, a family disability committee may help avoid court and dealing with an adult guardianship hearing. Next, use a different lawyer for each spouse when drafting an estate plan. While not a romantic notion, this option helps avoid conflicts in the future. Fourth, do not underestimate your life expectancy. A man reaching age sixty-five can expect to live, on average, to age eighty-four. Finally, match your lifestyle to your retirement income. Make sure to calculate your income needs during retirement. If you do not have enough, you may need to work longer or modify your retirement plans.

See Tom Anderson, Five Ways to Bulletproof Your Estate Plan, CNBC, April 7, 2017.