Common Mistakes in Estate Planning
Do you think that you do not need an estate plan because all your bank accounts are POD (Payable on Death) and your IRA has a beneficiary? You could be very mistaken.
What about your house? Your cars? What if one of your designated beneficiaries dies or is incapacitated?
And what about the cost of Probate? Without an estate plan, your assets can be depleted by the expenses of the Probate Court.
But, even if you already do have an estate plan, mistakes can be made if:
- You do not update your beneficiaries and legal representatives after marriage, divorce, the birth of a grandchild, or other big life events.
- You do not keep documents organized and able to be easily located.
- You change your mind about your estate plan, but do not revise your estate planning documents.
An estate plan requires thought and action – now is the time to seek the services of Estate Planning Lawyer.
Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more. We are currently offering free consultations via video conference to assist you with your needs.
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.
