More Mistakes to Avoid When Planning Your Estate

Estate planning can seem like a big job, with lots of documents and moving parts. But it is so important to have one put together! We have a few blogs on our website about the most common estate planning mistakes, but here are a few more!

Leaving Assets Outright to a Beneficiary 

Leaving your assets to a beneficiary can be beneficial, but sometimes it can become an issue. 
If your children are in a marriage that might end in divorce or if you have children going to college, leaving assets to them can cause some problems, 

Giving Assets to Disabled Beneficiaries 

We want to support those people with disabilities in our family. We want to care for them because they're probably the ones who need our help the most. But we have to be careful how we distribute to those individuals because we could disrupt their grant.

Not Communicating with Successor Trustees and Beneficiaries 

Let your trustees, executors, and beneficiaries know ahead of time so they can prepare for it emotionally and mentally. There can be some big responsibilities in administering a will or administering a trust when you're that successor. So, making sure that they're aware of what those responsibilities may be ahead of time could be very important.

Not Knowing Where All The "Stuff" Is 

So often, we hear about how the children have no idea what or where their parent's assets are. When building your estate plan, make sure to let your trustees know what assets you have, such as properties, life insurance, investment accounts, etc. 

Not Updating Your Estate Plan 

Don't forget to update your estate plans! Life moves fast, so it is important to keep your documents up to date every few years. 

Learn More About Proper Estate Planning 

We know that it can be hard to plan for your estate, there are so many moving parts, and it can be hard to know what to do. Our team is here to help! Contact us today to learn more!

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