During discussions with an attorney about estate planning, there is much talk about what you should do to create a solid plan. These discussions are extremely important as they inform you of the most effective ways to protect your estate and make your passing easier for your family. However, there are additional discussions that are equally important.
One of these discussions involves talking about mistakes that could render your plan ineffective during and after your estate planning efforts. This post will inform Pennsylvania residents about a few potential errors to avoid.
Incomplete information and access: Most people have numerous financial accounts as well as digital accounts to manage. Make sure to take all of these considerations into account during your estate planning efforts. Leave instructions for your executor and your family members about how to find and access all of your important accounts.
Beneficiary mistakes: While it seems easiest to leave any mutual funds you possess to a single individual, this could cause problems down the road if you fail to name this person in your various accounts. Another potential beneficiary error involves naming multiple individuals to manage your real estate. To make it easier on your heirs, consider designating one individual to handle your real property.
Not updating your plan: It is wise to view estate planning as a work that is always in progress. Once you have hammered out the initial details, take time periodically to look over your plan and make changes as necessary. For example, as your family evolves through marriages, divorces or the arrival of children, you will need to update your arrangements.
All of this information may sound complicated, but it is not as difficult as you may think. To make estate planning even easier, consider discussing these and other topics with an attorney. Doing so will help you avoid errors while leaving your family and your estate well-protected.