These estate-planning mistakes could cost you dearly

Are you considering setting up an estate plan, but you’re not sure where to begin? Maybe you’ve already set up an estate plan, but haven’t reviewed it in a while. If you live in Lee County and you fall into either of these categories then now might be a good time to either start or review your estate plan. It’s also a good idea to make sure you haven’t made any critical mistakes that could make it difficult for your loved ones to collect them when you die.

Protecting your estate takes careful planning, but there are some common mistakes people make that could be avoided. They include choosing the wrong person to act as one’s power of attorney or medical power of attorney. That could essentially mean one is leaving his or her life in the wrong person’s hands. Another mistake people make is to leave their IRA to their estate. This makes one’s retirement account subject to creditors and other claims.

Another mistake people make is failing to keep their beneficiaries current, in the event of divorce, death or additional beneficiaries. People should also include a health care directive in their estate planning, but many people fail to remember that. Lastly, if a person has a living trust, he or she should be sure to actually add assets to that trust.

There are so many different aspects to successful estate planning, which is why seeking the help of an experienced estate-planning attorney is usually a good idea for anyone in Lee County who is ready to start or review his or her plan.


Source: CNBC, “The 5 biggest estate-planning blunders,” Shelly Schwartz, April 14, 2014.

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