Elder Law Attorney Dennis Toman founder of The Elderlaw Firm in Greensboro, NC highlights common estate planning mistakes, stressing that the biggest is failing to create a plan at all. For more information please visit https://www.elderlawfirm.com
— Avoiding the pitfalls of estate planning can reduce the stress of loved ones when the time comes to apply it, emphasized Estate Planning and Elder Law attorney Dennis Toman.
For more information please visit https://www.elderlawfirm.com
The Greensboro, NC attorney revealed the biggest errors to avoid when considering what to do about planning your estate. The biggest is doing nothing at all.
“Now’s the time to start planning. The earlier, the better,” said the founder of The Elderlaw Firm. “Too many people put estate planning on the back burner until it is too late. Failing to do so could imperil their assets and what loved ones are expected to do.”
Discussing estate planning options with loved ones is an opportunity to outline what they have planned for any assets and lessen the risk of disagreement after a person’s passing.
Estate planning, he added, is all about the details. That means, among other things, executing Powers of Attorney and naming someone to act on a person’s behalf if they become incapacitated and cannot make either financial and/or medical decisions independently.
“The wrong beneficiary designations, like on POD and TOD accounts or life insurance, can destroy an estate plan. That’s why reviewing beneficiary forms and naming contingent beneficiaries is so important,” Toman said.
He pointed out the need to write out funeral details as part of the overall estate plan so that everyone is clear on the deceased’s wishes regarding final arrangements. Equally, detailing their wishes for end-of-life care should also be stipulated.
“While there is so much focus on traditional estate planning options, don’t forget to address your digital assets and how these should be handled. These can range from social media accounts to your online banking accounts.”
He urged people to seek advice from an estate planning attorney who could offer more options they may not have considered. These include leaving money to favorite charities, planning for children’s futures, how assets can be left for specific uses and who takes care of them. Any estate plan should also consider both potential creditor and tax liabilities.
Toman concluded: “While regularly updating a plan is advised to reflect any changing circumstances, a person should also advise loved ones where the estate plan is being kept in case of your death or incapacity. Otherwise, it’s useless if they can’t find it.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com
Release ID: 89188717
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