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The spooky season is upon us. Trick-or-treating, costume parties, and bonfires are all part of the fun, but make the following five estate planning mistakes, and your loved ones will not be amused. In fact, the consequences
of these mistakes can be more than frightful; they can be devastating. This is a quick read; check it out and make sure you don’t have any “horrific” mistakes in your estate plan.
Mistake #1
Not having a will. This is truly scary because it means your loved ones will have to deal with the state to distribute your assets. If you have several heirs, things could get very messy. Plus, not having a will usually delays
distribution and can lead to costly legal bills for your family members.
Mistake #2
Naming the wrong executor. You should carefully consider who you select as the executor of your estate. You should also confirm that individual is willing to take on the responsibilities that come with the role. Choosing the
wrong executor might mean selecting someone who isn’t very organized, tends to ignore deadlines, isn’t particularly good with financial matters, or isn’t a good communicator. Your family won’t thank you for making this mistake.
Mistake #3
Forgetting to update your beneficiaries. Two big downsides: first, your assets may go to a charity you no longer support or an individual you have become estranged from. The second downside is the charity or person who
should have received the assets won’t. It only takes a minute to confirm your beneficiaries are up to date.
Mistake #4
Failing to name guardians for your minor children. A real nightmare can happen if, for example, you and your spouse go out for the evening and tragedy strikes; you are both killed. Yes, this is a worst-case scenario, but it
can happen. It has happened. And then what? Without naming a guardian (and ideally a back-up) for your young children, your in-laws, parents, and siblings are suddenly thrown into a terrible situation. Trying to decide what is best for your children while
dealing with the state, which may not choose who you would have. Who raises your kids if you are no longer around shouldn’t be decided by a judge or anyone besides you. If you haven’t taken this step, I strongly urge you to do so.
Mistake #5
Leaving assets out of a trust that should be in there. As mistakes go, this is probably the least awful, but it still isn’t good. It can force your loved ones to suffer through probate when they probably didn’t have to, slow
asset distribution, and cost money. A quick conversation with your estate planning attorney can help.
If any of these mistakes are lurking in your estate plan, I encourage you to take action now to correct them. If you don’t have a will, or if you do and it is out of date, I’d be glad to help you put things right. Your loved
ones will appreciate that you’re not leaving them a real-life horror story to deal with after you’ve gone. Please visit my website at
www.davidlefton.com or call me at 513-399-7526.