Estate planning mistakes are made all the time and usually this is because the financial advisor/accountant/attorney has overlooked important issues. We have chosen to highlight five very common mistakes in this blog series. All of these mistakes are easy to avoid, as long as you and your trusted advisors know how to recognize them!
It is important to also consult with an attorney in your State in order to review whether or not these issues pertain to you. In any case, it is recommended to ask your estate planning attorney what the most common mistakes they encounter on a regular basis are, and bring up these issues with them for discussion.
Mistake 3 – Not having your estate updated on a regular basis.
It is best to have your estate plan reviewed at least once every three years to make sure that everything is current. Very often someone has made changes in their life during a three year period of time. This can include death, divorce, new children or grandchildren and changes in desired beneficiaries.
In addition to this, the individual may have moved to a new State and their existing estate plan does not comply with the various rules of the new State. It is extremely important. Also, new tax laws often warrant changing the estate plan.
This is only one of the various common mistakes. Again, please make sure that you consult a competent estate planning attorney to make sure everything in your estate is in order and fits perfectly with your individual situation!
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