L. Bruce Swiren, P.A., Attorney at Law Free Initial Consultations
877-806-7949 407-287-5137

Menu

Protecting Your Legacy
For more than 35 years, individuals, families and businesses in Florida have relied on our law firm for help. You can too, call today for a free initial consultation.

A common estate planning error

Florida residents who are planning their estates may be interested to learn about a very common estate planning mistake that people make. It has nothing to do with wills or trusts, though these documents are very important for estate planning. Actually, the most common mistake in estate plans is failing to designate the correct beneficiaries for financial accounts.

Many people hold a big portion of their net worth in a retirement account or an investment account. If the beneficiary designations on these accounts are not periodically reviewed and updated if circumstances change, the assets in the accounts could end up going to an ex-spouse. Updating beneficiary designations is straightforward and only involves filling out a simple form.

When a person does not update the beneficiary designations on financial accounts, the beneficiary designations may be inconsistent with the specifications in the person's will. This type of error could result in disputes over the allocation of assets in an estate, and the designation will take precedence over a contrary provision in a will. In addition to making sure that beneficiary designations are updated, people should communicate honestly with their heirs about what's in their estate plan so that there are no surprises later on.

An attorney may be able to help with the process of putting together a comprehensive estate plan. By addressing many different contingencies, an attorney may be able to help draft a will that will be effective in all possible circumstances. An attorney may also help an individual to create other estate planning documents that may help them during their lifetime such as health care directives and powers of attorney.

No Comments

Leave a comment
Comment Information

Protecting Your Legacy
For more than 35 years, individuals, families and businesses in Florida have relied on our law firm for help. You can call today for a free initial consultation.

Meet Our Team of Attorneys

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.