If you’ve completed your estate planning, CONGRATULATIONS! You’ve accomplished something that nearly 80% of your peers may never do. At The Law Office of Kevin R. Hancock, we know how important this step is for you and your family. But you might be wondering—what’s next? Here are five essential tips to follow once your estate plan is in place.

1. Record Any Deeds

If you set up a revocable living trust as part of your estate plan, the next critical step is transferring your probate property into your trust. One of the main advantages of a revocable living trust is to avoid probate for your assets when you pass away. Typically, your home or other real estate is your primary probate asset. Ensure the deed is filed and recorded with the clerk and recorder’s office to transfer the title of your property into your trust.

If you opted for a Will and signed a beneficiary deed to transfer your home to your beneficiaries upon your passing, you must also ensure this deed is promptly filed and recorded with the clerk and recorder. Proper recording is key to protecting your intentions.

2. Update Beneficiary Designations

Whether you created a will or a revocable living trust, you’ll likely need to update the beneficiary designations on your bank accounts, retirement accounts, and life insurance policies. This step is easy to overlook because it can be time-consuming, but it’s vital for ensuring your assets are distributed according to your wishes. At The Law Office of Kevin R. Hancock, we emphasize the importance of updating these details as part of the estate planning process.

3. Inform Your Appointed Representatives

Make sure you inform the individuals you’ve named in your trust, will, and powers of attorney. It may seem obvious, but you’d be surprised how often people find out they have been appointed only after an emergency occurs. Communicating your decisions in advance helps your loved ones prepare and reduces confusion during critical moments.

4. Secure Your Documents

Once your documents are finalized (including originals, copies, and electronic versions), ensure they are stored securely to prevent damage or loss. A safe, safe deposit box, or even a freezer can be effective places for protecting these documents. Yes, a freezer can work well as a temporary storage solution! Keeping your estate planning documents safe ensures they are accessible when needed.

5. Create and Include Your Digital Asset List

In today’s digital age, it’s crucial to include your digital assets in your estate planning. Your digital assets may include computers, phones, tablets, documents, pictures, videos, email accounts, and other online accounts or apps. Your digital asset list should have two parts:

1. A list of your devices and their passcodes.
2. A list of your online accounts, usernames, and passwords.

If you already use a password manager or an online spreadsheet to manage your passwords, you can simply provide your family or appointed agents with access to that resource. This step helps your loved ones manage your digital life in your absence.

Congratulations on Securing Your Family’s Future!

By thinking and planning ahead, you’ve taken a significant step toward ensuring your family’s well-being. At The Law Office of Kevin R. Hancock in Colorado Springs, we’re here to assist you every step of the way. If you need help recording deeds, updating beneficiary designations, or creating a digital asset list, don’t hesitate to reach out to us. Your proactive efforts today will make a lasting difference for your loved ones in the future.

Contact The Law Office of Kevin R. Hancock in Colorado Springs for expert guidance on managing your estate plan. Your family will thank you for the peace of mind you’ve created.