The 3 Most Common Mistakes in Estate Planning and How To Avoid Them…

Estate planning can seem like an overwhelming task, but it is essential to ensure that your assets are distributed according to your wishes and that your loved ones are taken care of. Below are the three most common mistakes I have noticed in estate plans that can cause significant problems.

 1. Failing to Fund Your Trust Properly

A trust is a great tool to avoid probate and secure your assets for your loved ones. However, it’s essential to fund it adequately by transferring ownership of your assets to the trust. This ensures that your assets are managed per your trust’s terms and distributed as per your wishes if you are incapacitated or when you pass away.  I have a variety of plans that help ensure all the assets that you want in your trust are transferred to your trust, either by my team directly or with my unlimited assistance.

2. Not Updating Your Account Beneficiaries

It’s a common misconception that a Will or Trust alone is enough to dictate how your financial accounts should be distributed after your death. However, proper beneficiary designations on your accounts are required to ensure that your assets go to the right people. Sometimes, it makes sense to make people direct beneficiaries, and sometimes, it makes more sense to have your Trust named as your designated beneficiary. An experienced estate planning attorney looks at everything you own and tailors a plan to your specific situation.

3. Forgetting to Regularly Review Your Plan and Accounts

Keeping your financial assets up to date and aligned with your estate plan is crucial to ensure that the plan works as intended. By reviewing your accounts regularly, you can identify any accounts that don’t have your Trust listed as the owner or beneficiary and get them updated. Too many people move around, buy and sell property, open and close accounts, without ensuring those assets are put into the name of their trust!

Remember, if you want to ensure your estate plan is successful, it’s important to work with a knowledgeable estate planning attorney who can help you create a comprehensive plan that accounts for all your assets. When you work with me, I offer a free review of your plans and financial accounts every three years to ensure that everything is up to date and working as intended. I make myself available and accessible anytime to answer your questions, and because I charge flat fees and stand behind my work, my clients aren’t worried about getting a bill for reaching out to me. And I am always happy to help.

So, don’t hesitate to contact me today and schedule a 15-minute discovery call and get started securing your future!