Even if you meet with an estate planning attorney, it is your responsibility to remember all of the essentials you need to protect your estate. After all, estate planning attorneys only have what you tell them, which means essentials can be left out. Consider some of these essential estate planning mistakes so that when it comes time to draw up your Will, you are not left with an inaccurate document.
Naming a Beneficiary
No matter who you name in your Will, if you do not name a beneficiary specifically for certain accounts, the courts will automatically give the account to the beneficiary listed with that account – not the Will. This includes accounts such as:
- IRAs
- 401(k)s
- Brokerage and bank accounts
- Life insurance policies
- Annuities
State Taxes
Half of the states in the United States have a death tax that is applied separate from federal taxes. That means that if you do not plan for state taxes in your estate planning, the state can cause some hefty, unexpected bills later on.
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