How Can I Avoid Estate Planning Errors?
How can I avoid estate planning errors?
If you're the executor of an estate, or if you're helping someone else draft their estate plan, there are some common errors you'll want to be sure to avoid. No one wants to see a loved one's wishes disrupted by a paperwork typo, so take these steps to make sure everything is in order.
-One of the most common estate planning errors is failing to name a beneficiary for accounts like IRA, 401(k), or other investment accounts. If you don't have beneficiaries named for these accounts, the money will go directly to the state. So it's important to make sure that accounts are properly named as soon as possible.
-It's best to have your will and any other estate planning documents notarized by a lawyer. This helps prevent any issues with the language used in them. It also helps reduce confusion in terms of which documents supersede others.
-There are specific rules about how your estate should be divided in order for the beneficiaries to receive their inheritance without paying any taxes on it, so make sure that your plan follows those rules.
If you have any questions or need an Estate Planning Lawyer, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
