Estate Planning Mistakes to Avoid

As a Cincinnati provider of estate planning services, we field many questions about writing a Will or handling the complexities of probate. We also see many mistakes people make in preparing their estate plans. Here are some common mishaps you should avoid:

Procrastination

If you think you have plenty of time to plan your estate, think again. You never know how quickly an accident or medical emergency could incapacitate you or a loved one. Finalizing the necessary documents and making those critical decisions can give you and your family peace of mind.

Failing to Make Updates

Even if you don’t experience any life-altering changes, regular updates to your estate plan are always a good idea. Verifying asset details and having accurate contact information for beneficiaries can save headaches for your executor and survivors later.

Incorrect Titling

We’ve seen the mislabeling of assets in many estate planning situations. Doing a thorough copy-edit to clarify and correct the titling and naming of the estate’s contents will ensure accuracy and prevent misunderstandings and legal snags down the road.

Not Timing Trust Disbursements

If your beneficiaries are children or young adults, consider setting up a trust to disperse funds at regular intervals instead of in one lump sum. It could be a certain percentage every year for 15 or even 30 years. Leaving a very young person with a large chunk of inherited wealth may set them up for future financial trouble. Instead, disbursements may help the beneficiary keep more of their funds in the long run.

Leaving Social Media Accounts Unattended

Letting your social media account continue to pop up in feeds after you’re gone can elicit sadness, continued grief, and unresolved feelings. Ensure you give trusted family members your passwords and access privileges to your social accounts. Doing so can ensure they shut down these accounts and communicate with people who may view them. As a relatively recent issue in estate planning, it’s easy to overlook.

Estate Planning Done Right

It’s easy to make mistakes in estate planning, especially if you try to do it without a lawyer’s help. Instead, count on the experienced probate professionals at Donnellon, Donnellon & Miller to assist you with writing a Will, delegating an executor, and several other important tasks. Contact our Cincinnati office today at 513-891-7087 to get complete support in making your preparations.