An estate plan is the coordinated management of your wealth so that your wishes are carried out upon your death and your assets are distributed to the people you have identified during your lifetime.
10 COMMON ESTATE PLAN MISTAKES
1. Forgetting why you need a plan
2. Having an inadequate will
3. Failing to update your plan
4. Not knowing how wills and trusts differ and which best meets your needs
5. Failing to do incapacity planning
6. Not having your Estate Plan reflect your values
7. Failing to keep good records
8. Assuming a Will alone is a complete Estate Plan
9. Having outdated fiduciary appointments
10. Forgetting to update beneficiaries
RECOMMENDATIONS
Revisit your Estate Plan every two to three years
See an attorney when there are significant changes in your life/ or family situation
Keep organized
Don't assume that the plan that you made for the kids 15 years ago still fits
Use a qualified Estate Planning attorney to assist you.
TESTATE PLANNING
Creating an Estate Plan and its important documents, such as a Will, Trust, Health Care / Advance Medical Directive (Living Will), and Power of Attorney, is important especially if you have just married, recently had a child or simply need to reevaluate your existing Estate Plan. Ms. Grace provides a complete evaluation of your estate and assists you in ensuring that your estate, regardless of the size, goes to the people you wish. As a Nurse and former Hospital Administrator, Ms. Grace brings a unique perspective and special skills to her general practice with a focus on Elder Law, Estate Planning and Administration, and Medical Assistance Planning.
