During the economic downturn, many people are looking for ways to cut spending. However, most don’t devote much time to thinking about how their assets will be distributed after their passing. Over half of all adults don’t have a will, which is a key part of an estate plan. The goal of estate planning attorneys New Bedford, MA is to ensure that assets are properly distributed amongst beneficiaries, but mistakes can occur. Below are some of the most common estate errors as well as tips on avoiding them.
Assuming That Only the Wealthy Need Estate Planning Services
Many people believe that estate planning is a worry only for the very rich, but everyone who has assets should have such a plan. Regardless of the worth of one’s assets, they should take steps to ensure that the property is distributed as efficiently as possible. Having a good estate plan through the Law Offices of Tara M. George, PC is the best way to ensure that one’s wishes are carried out.
Thinking a Will Keeps the Case out of Probate
A will assure that one’s assets are given to the selected beneficiary, but it doesn’t bypass probate. In probate court, assets are distributed to named beneficiaries, and the only way to avoid the process is to include a revocable trust in the estate plan. Such a trust will help the testator skip probate, and it will make it simpler to have assets distributed according to one’s wishes.
Failing to Update Beneficiary Designations
While some assets, such as life insurance policies and IRAs, aren’t passed through probate as long as the named beneficiary is living at the time of the testator’s death, it’s still important for clients to periodically review beneficiary designations. Events such as births, deaths, and divorces can change one’s wishes, and documents should be updated accordingly.
Procrastination
Death is a touchy subject, and many people prefer to avoid it altogether; however, where assets are concerned, waiting to act can be costly. Developing a solid estate plan is the easiest way to guarantee that one’s assets are given to the right people upon death. For help with matters of wills, trusts, and probate, consult estate planning attorneys New Bedford, MA.
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