While a will directs how your assets will be distributed and trusts help minimize taxes by keeping assets out of probate, a complete estate plan does much more. It includes plans for incapacity, care for minor children, and wealth transfer strategies.
For example, if you become incapacitated without a Durable Power of Attorney, no one will have the legal authority to manage non-healthcare matters, like paying bills or maintaining your home. A family member would need to petition the court for guardianship, a costly and time-consuming process.
Every estate plan should also include a Healthcare Power of Attorney and a HIPAA release authorization. These documents ensure a trusted person can make medical decisions on your behalf, access information from healthcare providers, and advocate for your care.
Beneficiaries named on accounts like life insurance, retirement plans, and investments take precedence over a will or trust. If these designations are outdated—perhaps naming an ex-spouse or estranged relative—assets will still go to those individuals, regardless of your current wishes.
Regularly review and update these designations to ensure they align with your estate plan. Accounts with named beneficiaries also bypass probate, allowing for a more seamless transfer of assets to your loved ones.
Selecting the right executor is essential. This individual will handle all aspects of your estate, including dealing with financial institutions, family members, and government agencies. While it’s tempting to choose a close friend or eldest child, they may not be the best fit if they lack the time, organizational skills, or ability to navigate family dynamics.
An estate planning attorney can help you make an informed decision and ensure you name a reliable backup executor as well.
To make the process smoother for your loved ones, introduce them to your estate planning attorney, financial advisor, CPA, and other professionals ahead of time. While they don’t need to become close acquaintances, establishing these connections can make it far easier for your family to navigate financial and legal matters after your passing.
Avoiding estate planning mistakes ensures your assets are protected, your loved ones are cared for, and your wishes are honored. At The Werner Law Firm, we guide you through every step of the process, from updating beneficiary designations to selecting the right executor. Our estate planning attorneys ensure your estate plan is comprehensive and effective, giving you peace of mind for the future.
If you have questions, schedule a free appointment with us through our online appointment page.
You can also read reviews from some of the hundreds of clients we have proudly assisted over the years.
Reference: GO Banking Rates (Nov. 17, 2024) “4 Expert Insights on Avoiding Estate Planning Pitfalls for 2025”
Founded in 1975 by L. Rob Werner, The Werner Law Firm and our dedicated attorneys are available for clients, friends, and family members to receive the legal help they need and deserve. You can trust in our experience and reputation to help navigate you through your unique legal matters.
Hiring a lawyer can be a daunting task, but it doesn’t have to be. From the moment you contact our firm, through the final resolution of your matter, our goal is to make the process easy and understandable. Through our Werner Law Firm Difference, our goal is to have you feel like a burden was lifted from your shoulders, and that we made the whole process an easy one
If you’re looking into taking care of your estate planning, we urge you to schedule a free initial appointment today and join the many satisfied clients who have contacted Werner Law Firm.
