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877-791-8076 / StoberLaw.com
Have you created your estate plan yet? Estate plans are a valuable asset to you and your family. Make sure you avoid these common estate planning mistakes!
Estate Planning Mistakes to Avoid:
- Don't Leave it Up to the State - A will indicates who receives what when you pass away. However, you estate may have to go through a public probate process, which can be very expensive. Creating a trust will eliminate this process and ensure your privacy.
- Don't Forget to Fund the Trust - Your trust doesn't exist until it holds assets. You need to retitle your accounts in the name of your trust.
- Don't Forget to Update Them - Many people create their estate-planning documents and forget about them. However, your relationships with people may change over time. You should always keep your documents up-to-date.
- Don't Forget to Look at Beneficiary Forms - Retirement accounts and insurance policies do not flow through your trust or will. They are governed by the beneficiary you elected when you created them. It's a good idea to look over these forms and revise them after you have gone through a divorce or had more children.
- Don't Forget to Consult Us - Our experienced attorneys can help you make sure that you are following all of the steps necessary to get your estate in order. You don't want to end up with unnecessary fees!
CNBC offers more tips and mistakes that you should avoid when planning your estate. If you are in need of legal expertise, contact our office. Our experience, combined with our successful track record makes us Long Island’s premier law firm. Contact our office by calling 877-791-8076. You can also like us on Facebook and follow us on Twitter for the latest news stories and legal tips.
