Jude Offiah Discusses What People Often Forget During Estate Planning
Estate planning is essential for people young and old. Yet many people put off estate planning, or set a will, then simply forget about it. This can lead to problems for families and other beneficiaries. Fortunately, estate planning expert Jude Offiah is going to share some insights.
“My first suggestion is simply to not forget to plan your estate,” Jude Offiah says. “Do I sound like captain obvious? Maybe, but so many people fail to get their estate in order.”
Younger people especially forget to plan their estate. It’s common for young people to put off thinking about death, but estate planning is essential. Unfortunately, accidents and the like can happen any time.
“A lot of millennials have put off estate planning,” Jude Offiah says. “Fortunately, things are starting to change and as millennials age, they’re starting to plan their estates. And now we have the next generation, zoomers, joining the workforce. They should look into estate planning sooner rather than later.”
Once you write your will, you need to make sure you revisit it regularly. This is especially true if your life changes. Jude Offiah notes that many people forget to update their will, which can lead to problems.
“I recommend revising your will frequently,” Jude Offiah says. “Things can change. You may acquire new property or accounts. A beneficiary may pass away. Or a couple may divorce. Or you may simply have a change of heart.”
By staying on top of your will, you can ensure that there are fewer issues when it comes to settling your estate. This will save family members and others from problems and help ensure an easy transfer.
It’s also important to engage professional estate planners. A professional can ensure everything is in order and can also provide advice.
“Legal planning is very complex,” Jude Offiah argues, “and you need to make sure everything is done properly. If not, it could lead to confusion after a person passes.”
Jude Offiah Notes How Estate Planning Has Changed
A few hundred years ago, estate planning was a bit more straight forward. You had property and cash and not much else. However, these days, many people have extensive digital assets. Jude Offiah reminds people to not forget about their digital assets during estate planning.
“Digital assets, including your social media accounts, online banking services like PayPal, and various things are very common and very important,” Jude Offiah notes. “You need to consider these digital assets while planning your estate.”
Another thing to remember are pets. After a person passes, their pets will need to be cared for. It’s important to ensure that the pet has a good home to go to.
“A lot of my clients don’t really think about their pets until I remind them how important it is to plan for them,” Jude Offiah says. “You want to make sure your pet is well cared for.”
Jude Offiah notes that there are many other things to consider. He suggests working alongside a professional.