Header widget area left
Header widget area right

Around the Web: 3 Worst Estate Planning Mistakes and How to Avoid Them

m3admin
0 comments
Blog

Avoid Common Estate Planning Mistakes

All too often, people make the mistake of not planning their estate properly and when they pass, their family is left to sort out the puzzle. This can frequently result in drawn-out, expensive court processes or even family feuds.

This article by Larry Light highlights three common estate planning mistakes and provides valuable information on how to avoid making them.

According to light, these three snares commonly trip up an estate plan:

• Lack of information
• Beneficiary designations done wrong
• Outdated plans

Consider all of the assets you will accumulate in your lifetime – bank accounts, fund holdings, etc. all are protected by user names, passwords, and security questions. The most important thing you can do is create a master roster that contains all of your user names, passwords, and accounts.

When bequeathing your assets, use common sense. According to the article, if you list someone in your will as the heir to your mutual funds, you must also file the person as the heir with the mutual funds company. “Your will won’t override what the designation is on your retirement account: Different people may be in the will and on the account,” writes Light.

Make sure to keep your will up to date, especially if you experience any major life changes such as divorce.

If you’re ready to start planning your estate, or if you have questions regarding estate planning, give Rhodes Law Firm a call today!

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>