One of our areas of expertise at Thornton Law Firm is estate planning.  Having an estate plan is an essential part of being proactive when it comes to you and your family’s future.  Death is not something we can predict, and it is better to have a plan in place than to leave such important decisions to be made by the court system.  Therefore, we help our clients understand the importance of estate planning and guide them through writing out their wishes, while avoiding mistakes that are commonly made.  

Here are some common mistakes to look out for:

  • Beneficiary errors: One of the most important parts of an estate plan is naming beneficiaries for one’s assets, accounts and policies. For example, you should make sure that the beneficiary that you wish to receive your mutual funds or your life insurance money should be listed on file with the applicable company. It is important to remember that a will does not override the individual designated as a beneficiary on many items, such as a retirement account or a life insurance policy. Also, contingent (alternate) beneficiaries/heirs should be considered when writing a will in case your original heir predeceases you.   
  • Guardianship: All parents want the best for their children and would want them well taken care of if something were to happen to them.  When naming a guardian for minor children, there are several important questions to ask and things to consider. This is where it is especially important to have the assistance of someone who is experienced with this matter.  
  • Missing a residuary clause: Assets can be left to specific individuals but who will get the remaining assets that one may have forgotten?  This is why a having residuary clause in your will is important to remember. It will guarantee that the remainder of the estate is distributed as wished and not as state law dictates 
  • Not updating your plan: Once an estate plan is written, it is important to keep all of the information current.  Significant life events such as divorce, death, birth, etc. should send up a red flag as a reminder to update who you may have designated in your estate plan. We recommend reviewing and updating you plan once a year..

The mistakes discussed above are among the many reasons why we highly recommend using a qualified attorney when it comes to creating an estate plan.  Simple mistakes can have big consequences for family members once you are gone. Thornton Law Firm has the experience needed to successfully guide individuals in creating their estate plan.