An Estate Planning Mistake You Don’t Want To Make

Examiner.com:  One of the biggest mistakes Nicole Middendorf, CDFA sees people make is spending a lot of money getting divorced and then once the divorce is over, they don’t change their beneficiaries on their 401k, IRA’s, or even their will/trust.

Once your will is written, you can not just ignore it. It is extremely important to keep your will updated with your estate planning attorney. Life and circumstances change over time, and your will should reflect those changes. In order to make sure your will reflects your wishes, Nicole has recommended that your will be updated whenever one of the following occurs:

  • A divorce
  • A death
  • A birth of a child
  •  A marriage
  • If you change your mind on your beneficiaries
2011-11-07T07:09:48-08:00October 26th, 2011|Common Problems, Estate Planning|

Little Things Can Cause Big Fights When A Relative Dies

Forbes:  “Unlike financial assets, which can generally be divided easily amongst heirs, tangible personal property is unique. And the complexity of distributing a lifetime’s worth of possessions is something that many people overlook. Families have been torn apart over everything from ownership of a valuable painting, the grandfather clock and the gun collection, to who gets Mama’s recipe box. Sometimes the object in question is an item of substantial material value, but just as often, it seems, the appeal is purely sentimental. People get emotionally attached to objects that symbolize the person they are mourning.  Discussing these issues while parents are still alive is far preferable to letting children duke it out for themselves later.”

2016-12-13T20:33:39-08:00October 26th, 2011|Common Problems, Estate Fights|
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