Are you just starting out with estate planning in Raleigh NC? Do you need to take time to update your documents? If so, this is a great article for you. Below, you'll find mistakes that people often make when estate planning.
Common Mistakes in Estate Planning in Raleigh NC
The first and biggest mistake may make when estate planning in Raleigh NC is forgetting to change or update information. Let’s look at the documents you should review:
- Revocable and irrevocable trusts
- Disability plans, including power of attorney (POA), health care POA, and advanced directives
- Letters of direction
Ask yourself the following questions to ensure you've make updates as needed:
- Did you get married or divorced?
- Was there a birth or death in the family?
- Did you buy or sell real estate in another state?
- Have you started or sold a business?
- Have your assets increased or decreased?
If you got married or divorced, or you had a child, you may need to update your beneficiaries. You want to ensure that everyone you want included in the division of your estate is named, and anyone you no longer wish to be included is removed.
Also consider the following information, as well, when estate planning in Raleigh NC or making changes to your current documents:
- You should also review the beneficiaries named in your will to ensure they are still receiving the bequest that you wish to leave them.
- Be sure to review the person(s) designated as your financial POA and health care POA to see if they are still the people you want representing your interests should you become incapacitated. If they have had a major life change regarding where they live or their health, you may want to consider naming other people to handle your affairs.
- If you don’t make any changes in who is designated to handle your estate or make decisions about your health on your behalf, you may still want to make sure he or she knows the responsibilities and is still up to the task.
To learn more about various mistakes we tend to make during estate planning in Raleigh NC, visit back with our next blog post!.
Eldreth Law Firm | Estate Planning in Raleigh NC
Remember, if you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our estate lawyer is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office.
As always, feel free to contact us at our office to schedule a consultation with if you are looking for a lawyer to represent you in other legal matters. We are here to assist you with small business needs, trademarking, copyrighting and DWI issues.