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Home / Estate Planning / Common Mistakes in Estate Planning

Common Mistakes in Estate Planning

March 16, 2023 by Brandon McGee

Estate planning is a topic that we’ve all come across, but there are several things surrounding it that need to be clarified. Some believe that it’s only relevant to others and not to themselves. However, that is incorrect. Estate planning is crucial for everyone, whether young or old, healthy or sick. Essentially, it is a plan for life, not just death.

common mistakes

• Estate planning is crucial for everyone, even the young and healthy. It helps to prepare for unforeseen events, such as unexpected illness or injury, by having powers of attorney and other plans in place. Additionally, young people face a higher risk of death from automobile accidents than older individuals.

•People often forget to update their beneficiary designations. This is because wills and trusts do not control beneficiary designations. Changes in their lives may prompt them to change their will or trust, but they may not coordinate these changes with their beneficiary designations. As a result, their assets, such as insurance, retirement plans, and IRAs, may go to unintended beneficiaries.

•It can be difficult for individuals to come to terms with their mortality, leading to procrastination in estate planning. However, estate planning is a thoughtful and caring act that benefits family and friends.  

•Choosing individuals to make decisions on behalf of an individual, such as agents, guardians, executors, or trustees, is a critical aspect of estate planning. It is essential to consider these decisions carefully and not simply name the first person that comes to mind. Good choices ensure that an individual’s wishes are carried out, while poor choices can lead to conflict and asset waste.  

• Leaving assets to children or other beneficiaries outright without considering other options is a common mistake. Leaving assets in the trust may give beneficiaries advantages such as protection from creditors, ex-spouses, and their indiscretions. 

• Estate planning documents should be updated periodically to reflect individual circumstances changes. Life is constantly changing, and events such as the birth of a child, divorce, re-marriage, a substantial increase or decrease in assets, or changes in health can significantly impact an estate plan. Regular review of an estate plan can help keep it current and relevant.

Estate planning is life planning. Let the McGee Law Firm help you implement a plan that fits your life and wishes.

Compliments of the McGee Law Firm, Attorney Brandon McGee

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Brandon McGee
Brandon McGee
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Brandon McGee
Latest posts by Brandon McGee (see all)
  • Common Mistakes in Estate Planning - March 16, 2023
  • How to Conduct an Estate Plan Review - March 15, 2023
  • What Happens When You Don’t Trust Your Trustee – Part I - March 14, 2023

Filed Under: Estate Planning

About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

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TESTIMONIALS

Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

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