Many residents in the Kent area have taken the time to create an estate plan for their family. They understand the importance of having this done to make sure their wishes are followed and their family is not left with a tremendous burden. Creating an estate plan is important, but mistakes can be made.
One mistake that can be made is not including all assets. Assets can be in many locations, including safe deposit boxes, filed away in drawers, or solely online. Having a comprehensive list of all assets, including where to find the paperwork, passwords, etc. is critical.
Another estate planning mistake is not having the proper beneficiary designations. Many people don't realize that a beneficiary needs to be listed on retirement accounts, insurance policies and annuities. Finally, a third common mistake is not updating the plan. An estate plan should be revisited after it is created, especially if there are changes in a family, such as a divorce, death, marriage, etc. An ex-spouse may still be listed as the person who is to receive all the assets, even though they may now be married to someone else.
Taking the time to create an estate plan is important to make sure everything goes as planned when a person passes away. An estate plan can make it easier on family members by having these arrangements made in advance instead of leaving it to family members to try to figure out. A legal professional skilled in estate planning can help their client create an estate plan for their unique family. They can make sure this estate plan works for their client and their needs both now and into the future.