Poorly written estate documents will cause major problems after someone’s death. That is why you should engage an experienced estate planning attorney. 
Three common estate planning mistakes are as follows:
- Failure to Update Beneficiaries: If you fail to update beneficiaries in your will, revocable trust, life insurance policies or retirement plans when there has been a birth, death or divorce, this will cause your money to go to a person you do not want to receive the funds.
- Naming Specific Investments in a Will: Specific bequests in a will or a revocable trust are paid out first. If a specific investment or bank account is bequeathed to a beneficiary, and that investment no longer exists at the time of your death, then the specific bequest will not be paid. Instead of leaving a specific investment to a beneficiary, consider just giving a specific amount.
- Failure to Plan for the Unexpected: Every estate plan should be updated when unexpected events occur. If an event happens such as a death of a beneficiary, or an executor, your assets may pass to an undesired individual through the intestate statute, or the Court may appoint an individual you do not want to manage your estate. To avoid these problems, you must be proactive to make changes to your estate plan so that your wishes are always carried out.
If you are unsure about these areas of your estate plan or are ready to get started creating your own estate plan, contact me today! I am always available to assist you.
