Mistakes To Avoid In Your Estate Planning
While providing estate planning legal services, we see many wills and estate plans. We also see many mistakes people make in preparing their estate plans. Here are a few to watch out for:
- Procrastination. Do not wait to get your estate in order. You never know how quickly an accident or a medical emergency could incapacitate you. Getting the necessary documents formalized and finalized can give you and your loved ones a peace of mind that is impossible to overstate.
- Update to ensure accuracy. Even if you have no substantial changes, regular updates are smart. Referring to the correct accounts, and having updated contact information for beneficiaries, can save headaches down the road.
- Incorrect titling. We have seen many estate planning situations in which assets are simply mislabeled. Doing a copy-edit round to clarify and correct the titling and naming of the estate’s contents is always a good idea.
- Trust timing. If the beneficiaries are young – or young adults – then you may want to set the trust to disperse funds over time. It could be a certain percentage every year, for 15 years or even 30 years. A very young person with a large chunk of inherited wealth is not always a good idea. Such a precaution may help the beneficiary in the long run.
- Shutting down social media. Having a provision that grants your decedents the passwords and access privileges of your social media accounts can ensure that they shut down these accounts, and communicate with any people who may view those accounts. This is a recent addition to the field of estate planning, but it is a helpful step to consider.
If there is anything we can do to assist you in your estate planning, please reach out to us at 513-891-7087. The attorneys at Donnellon, Donnellon, & Miller have extensive experience with estate planning, and are at the ready to make your preparations easier and smoother.