Avoid Mistakes by Consulting an Estate Planning Attorney

Avoid Mistakes by Consulting an Estate Planning Attorney
Once you’ve passed on, the task of handling your estate is a complex one that may result in a long, drawn-out court battle. However, many people don’t devote enough time or effort to the estate planning process, in part because they’re afraid to face their own mortality. Avoid a serious mistake with the help of an estate planning lawyer Spokane.

Insufficient Information
Untangling an estate, especially a large one, is daunting. To complicate things even further, many people pass away without leaving a detailed list of assets and their locations. Bank accounts, brokerage accounts, mutual funds, and other valuables are protected by usernames and passwords, and other assets may be stored away in safe deposit boxes. Be sure to keep a master list of these access keys, and let family members know where physical assets are stored.

Improper Beneficiary Designations
Surprisingly, some people fail to realize that they have to choose beneficiaries for annuities, insurance policies, and retirement accounts. Choosing the wrong beneficiary or not choosing one at all will ensure a long and arduous probate process. If they’re named in the will, they should be named with the fund, insurance, or annuity as well.

Outdated Estate Plans
In some cases, decades pass after a person signs estate documents. However, life can change in an instant. People are born, others pass away, marriages happen, and so do divorces. Any of these life events can radically change a person’s estate planning requirements, and the actual plan should change accordingly.

Though no one wants to plan for the time after they’re gone, it’s something we all have to face at some point, even if we don’t believe we have much to leave behind. Everyone should periodically review what’s in their will, and most importantly, they should partner with an estate planning lawyer Spokane.

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Author: Myrtice Lovett

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