Estate planning is an essential aspect of ensuring that your assets are distributed according to your wishes and that your loved ones are taken care of after your passing.
1. Not Having an Estate Plan at All
2. Failing to Update Your Estate Plan
Life is dynamic, and so should be your estate plan. Major life events such as marriage, divorce, relocation, the birth of a child, or the death of a beneficiary should prompt a review and update of your estate plan. Neglecting to update your plan can result in outdated provisions that do not reflect your current intentions.
3. Not Naming a Guardian for Minor Children
4. Overlooking Digital Assets
In today’s digital age, many people have significant digital assets, including online accounts, cryptocurrencies, and digital media. Failing to account for these assets in your estate plan can lead to their loss or mismanagement.
5. Ignoring Estate Taxes
6. Not Planning for Incapacity
7. Failing to Communicate Your Plan
8. Not Considering Long-Term Care
9. DIY Estate Planning
10. Overlooking Beneficiary Designations
Ensure that your beneficiary designations on retirement accounts, life insurance policies, and other financial accounts are up to date and align with your overall estate plan. These designations can override your will, so they must be accurate.
Contact Cline Donaldson PLLC to Learn More
Avoiding these common mistakes can help ensure that your estate plan effectively reflects your wishes and provides for your loved ones. Estate planning is a proactive measure that individuals of all ages and levels of wealth should consider. Don’t wait until it’s too late. Contact Cline Donaldson PLLC today to start planning for your future.
If you have further questions or need assistance with your estate planning process, contact Cline Donaldson PLLC today to get the answers you need.
About the Author
Scott Donaldson
As one of the founders of Cline Donaldson PLLC, Scott Donaldson leverages his background in law enforcement to provide exceptional representation across core practice areas, including personal injury law and estate planning. Before founding his Wilmington-based firm in 2023, Mr. Donaldson honed his understanding of the law as a Lieutenant in the esteemed New York City Sheriff’s Office.
He subsequently graduated cum laude from Campbell University’s Norman Adrian Wiggins School of Law, earning the Law School Book Award for demonstrating exceptional mastery of complex legal subjects. With an extensive legal background, Mr. Donaldson brings authoritative experience and insight when navigating each client case. He remains dedicated to upholding the highest legal standards and achieving optimal outcomes for all he represents.
