Greensboro, NC United States - August 15, 2022 —
Failing to address several key decisions before it’s too late can have far deeper consequences after a person's death, elder law attorney Dennis Toman warned this week.
For more information please visit https://www.elderlawfirm.com
The founder of The Elderlaw Firm in Greensboro, NC, took a break from his busy schedule to reveal a number of mistakes that people often make when it comes to elder law and estate planning.
Often left unattended, a person's best intentions for their estate could go awry if they don't nail down their wishes and clarify in writing, backed up with documents, to whom their assets should be allocated.
Failure on multiple levels can often lead to expensive lawsuits that can sap loved ones’ funds to the more outright battles between family members.
Toman said that very few people wanted to think about death or declining health. "But failing to plan for the unexpected, such as suffering an accident or health-related event, the death of a beneficiary, or their divorce, can all factor into eventual estate planning issues," he warned.
"People need to regularly review an estate plan and ensure it is fit for purpose for today.
One way to keep some control of the flow of assets after death is to place assets in a trust, so that beneficiaries receive distributions at significant birthdays or for targeted areas, such as for university or health-related matters."
He added: "Everyone dies; it is inevitable. Rather than shying away from it, taking the responsibility to address the matter in life and how assets are to be distributed after you die is better than leaving a grieving family to try and pick up the pieces. Plan properly and get timely advice from a qualified estate planning specialist."
Failing to plan for the death of a beneficiary is another error that someone can commit. He advised that a person wanting to ensure equal distribution should consider their wording carefully so that all their children or grandchildren could benefit, rather than assets heading in one direction because of the death of a beneficiary and failure of an explicit declaration.
He added: "Forgetting to keep documents updated, such as retirement plans and insurances, and not naming a contingent beneficiary could well have tax implications in the long run."
Other mistakes could include failing to consider guardianship rights when leaving significant value assets to minors, covering all the angles of a well-intentioned gift and its tax effects on beneficiaries, and not equally distributing assets which could have a negative financial impact on a spouse.
"An estate planning attorney will be able to walk a person through all the issues and address the likes of a residuary clause that is often forgotten in a will, to ensure their last will is legal and effective after death," he concluded.
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: 89079774
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