Are These Major Mistakes Included in Your Estate Plan?

An estate plan can be as simple or as complex as you need it to be but unfortunately it is not something that you should put together without the help of a knowledgeable attorney. This is for several different reasons, but primarily because many people who make these mistakes may leave behind a mess for their beneficiaries.

 

What follows are several of the most common mistakes made by individuals just approaching the estate planning process. The right lawyer can go a long way towards minimizing the chances of putting your beneficiaries in this situation and increasing your own stress. Do not hesitate to reach out to the offices of a knowledgeable estate planning attorney as soon as possible to put together an estate plan that is in line with your individual needs. The most common challenges faced by those putting together estate planning include:

  •       An unfunded revocable living trust
  •       No estate plan or an estate plan based entirely on a will
  •       Leaving assets outright to beneficiaries
  •       Naming family members as successor trustees together
  •       Exposed assets
  •       Beneficiary designations that have not been updated
  •       Lack of long term care planning

 

All of these can compromise your ability to pass things on in a smooth transition to your beneficiaries when the time comes. Thankfully, an estate planning lawyer in NJ can help.