Estate planning is essential if your goal is wealth preservation for those you love. Having a proper estate plan ready will protect your beneficiaries, prevent family conflicts, and spare your heirs from a hefty tax bill.
Thus, having a digital storage vault can give you peace of mind and ensure your assets and interests are protected when you pass away. However, many people often overlook certain details that can lead to costly mistakes. Here, we take a look at the most common mistakes to avoid in estate planning:
- Neglecting to Title a Trust
Trust accounts have many roles and are often used to protect assets from creditors. They are also used to ensure your estate is distributed to your heirs in the right manner and timeframe you prefer. When discussing it with your financial planner or attorney, make sure to retitle your assets in the name of the trust. - Uncoordinated Beneficiaries
Another common mistake is failing to update the beneficiaries after changing the will. Retirement accounts like IRAs and life insurance policies are often large assets and can be costly when overlooked. - Outdated Wills and Forms
If you composed a will over twenty years ago and have not had a chance to look at it since, chances are it is already out of date. Keep in mind that estate planning documents need to be updated regularly, especially after major life changing events. This includes marriage, childbirth, divorce, home purchase, and even after relocating to a new state.
Life Snapshot®, Inc. is your dependable provider of estate planning storage in Chicago, Illinois. To learn more about the do’s and don’ts of estate planning, take advantage of our FREE 14-Day Trial to start purring your affairs in order. We are more than happy to help so contact info@lifesnapshot.com.
