As you likely know, estate planning is a means of arranging for the distribution of your assets after your death. It is critical to have such a plan to help ensure that your loved ones receive their inheritance and to protect them from needless financial hardships.
Unfortunately, many people make mistakes when it comes to estate planning. Some errors can be insignificant, but others can nullify your plan and cause problems for your family.
Many mistakes are preventable
Perhaps the most detrimental error you can make is assuming that you do not need an estate plan. Regardless of wealth or status, everyone should have a plan to prevent state law from taking control of their estate and asset distributions.
Below are some more errors that are entirely preventable.
- Failing to review and update your plan: Have your estate plan reviewed and updated at least every few years and any time a significant event occurs (like marriage, divorce or deaths of beneficiaries or administrators).
- Overlooking some assets: Ensure that you have named beneficiaries for all your property, including bank accounts, retirement plans and insurance policies.
- Failing to name an executor: Choose a reliable, trustworthy person to fulfill your wishes, as outlined in your estate documents (will, trusts, etc.).
- Eschewing guidance for “complex estate matters: Having experienced legal guidance can help ensure that complex assets like investment portfolios and overseas real estate remain protected upon your death.
If creating a legally valid Pennsylvania estate plan that protects your family and your property is your primary goal, contact our firm for guidance. You can reach us through our website or call us directly at 814-833-2222 to arrange a consultation.