Common Mistakes in Estate Planning

The following are typical mistakes people make when planning their estates:

• They have an outdated plan
• They have no will or an outdated will
• They rely on joint tenancy as a tool, especially children as joint tenants
• They incorrectly title an asset so an unintended beneficiary receives the asset
• They designate an inappropriate beneficiary for IRA accounts, insurance policies
and retirement benefits
• They fail to provide for a successor in interest if a primary beneficiary dies first or
disclaims the gift
• They rely on outdated or stale powers of attorney
• They do not properly coordinate their will and their trust or have no trust at all
• They fail to consider Medicaid planning

If you are considering updating your estate plan, contact a law firm that concentrates in estate planning.

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