5 Things Your Estate Plan is Missing

Estate PlanningYou have gone through the steps of creating an estate plan, and now you assume that you can sit back, relax, and it will do its job. Sadly, too many consumers make this mistake only to realize that they have blatant errors and omissions when they need their estate plans the most.

Review our list of the five common items that an estate plan misses, and how you can correct them. Even if you are missing these items, there is no need to panic. Instead, schedule a consultation with the Law Office of Andrew M. Lamkin, P.C. and we can help correct these errors and omissions.

What 5 Items Could be Missing from Your Estate Plan?

Whether you did the estate plan yourself using a template, or you have an attorney complete your estate plan, it is in your best interest to review your plan annually and make sure it is still working to protect you and your loved ones.

Here are five common errors and omissions seen in estate plans to look for too:

  1. A Power of Attorney – An estate plan is not designed solely for when you pass away. In fact, a good estate plan helps in times of incapacitation or serious illness. A power of attorney assigns someone to handle all decisions regarding your children, finances, and health care when you cannot do so yourself. It is a powerful document that should be in every estate plan.
  2. A Back-Up Executor – You named an executor of your estate, which is a great first step. However, you need a backup executor. After all, things change. Executors might move away, pass away, or become unreachable. The courts need a backup to designate as your executor if they cannot reach the primary. Without a backup, the courts must designate a new executor, which takes time, and the person assigned may not be the person you wish to handle the estate.
  3. A Trust – You do not have to be part of the top ten percent to have a trust. A trust is an excellent way to protect family members, but also ensure younger children receive an inheritance when they become legally old enough to accept it. If you have created nothing more than a will, talk to an attorney about adding a trust.
  4. Updates – A will should be updated at least once a year or when any major life event happens. For example, you get married or divorced, have another child, or a beneficiary passes away. By inspecting your will annually, you can catch these errors.
  5. Digital Assets – Digital assets are just as important as tangible, physical assets. These include your online brokerage accounts, bank accounts, blogs, social media accounts, and even online document storage. Today we live in a digitized age; therefore, if your digital assets are not in your estate plan, a bulk of your assets could be missing.

Speak with an Estate Planning Attorney Today to Correct Your Errors

Whether you have recognized that you are missing a few important items in your estate plan, or you would like to create an estate plan to protect you and your loved ones, contact the Law Office of Andrew M. Lamkin, P.C. today. Schedule a free, no-obligation consultation at 516-605-0625 or request more information online.

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