A Simple Estate Planning Mistake to Avoid
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by: RobinsonLawNY
Word Count: 2289
Date: Fri, 1 Jul 2011 Time: 3:52 AM
Many people make small mistakes and their estate planning wishes are not followed. It's important to stay on top of your estate plan duties so that you not only have a great plan that meets your needs, but also follows your wishes. Take a look at some of the information below to learn how to prevent a simple mistake before it happens. If you have any questions or if you'd like assistance with your estate planning affairs, consult with a qualified estate planning attorney.
Do you have a retirement account, life insurance policy, or pension? Did you know that these assets require you to choose a beneficiary with the use of a beneficiary designation form? With this tool, you're able to decide who will receive your assets after your death. These assets aren’t controlled by your traditional estate planning documents. This means you can't dictate how they will be distributed with the use of a trust or will.
When was the last time that you checked your beneficiary designations? It's important to regularly check your designations to make sure that they follow your current wishes. Take the time to look through your designations, especially after life changes such as marriage or divorce. This will ensure that the right people receive your assets.
While it may be hard to believe, many people forget this important task. This means that many people's assets are given to their ex-spouses or others after their death. Don't make this small yet serious mistake! Check your beneficiaries on a regular basis.
If you have any questions about choosing beneficiaries or if you need help with your estate planning affairs, consult with a qualified estate planning attorney.
About the Author
Experienced estate planning attorneys Naples NY of the Law Office of Michael Robinson P.C. offers estate planning and business planning resources to residents of Naples NY. To learn more about these free resources, please visit www.mrobinsonlaw.com today.
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