Common Estate Planning Mistakes You Can Prevent
Estate planning is nothing to be afraid of, but the complexities of the process should not be overlooked. Time and time again, families get caught up in lengthy legal battles over the designation of their deceased loved one’s assets, which could have been prevented if the deceased had been more involved in the estate planning process. Here are three of the most common mistakes you should avoid when creating and maintaining your estate plan. FAILING TO FULLY UNDERSTAND THE PLAN While having a trusted estate planning attorney to guide you through the process is a good idea, they can’t be expected to do all the work for you. While it may sound absurd, many people fail to fully understand the implications of their estate plan because they just didn’t read it. It’s not your attorneys’ estate plan; it’s yours. Go through it with your attorneys to make sure you understand all the components. FAILING TO UPDATE YOUR BENEFICIARIES Deaths and divorces among beneficiaries can leave some gaping holes in previously watertight estate plans. In the past, estate holders have left assets to relatives who had since died, leaving the
fate of their assigned asset up in the air. Does it go to that relative’s children? To their spouse? Without an updated version of the estate plan, your family might lose part of their potential inheritance to legal fees. FAILING TO UPDATE ASSET OWNERSHIP The assets in your estate probably include real estate, vehicles, and bank accounts in your name or in a joint title with a spouse or other family member. The exact nature of asset ownership isn’t static, but if you sell an asset or enter into joint ownership of an asset that previously belonged solely to you, the latest versions of your estate plan should reflect the change. Estate planning mistakes are common if you’re not vigilant. Having a second pair of eyes on everything can help eliminate those mistakes. Phillips & Blow can be that second pair of eyes. Give us a call today!
Trivia
Pesto ChickenWith BlisteredTomatoes Inspired by CookingLight.com
INGREDIENTS:
When can you get an amendment for your trust once it is created?
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2 1/2 tbsp olive oil, divided 4 boneless and skinless chicken breasts, pounded to a 1-inch thickness Salt and pepper to taste 1/4 cup whole-wheat panko
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2 tbsp Parmesan cheese
1 tbsp unsalted butter, melted 6 tbsp spinach pesto 2 cups cherry tomatoes 1 garlic clove, thinly sliced 1 tsp red wine vinegar
a. One week b. 6 months c. 1 year d. All of the above
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DIRECTIONS:
1. In a large ovenproof skillet over medium-high heat, add 1 tbsp olive oil. 2. Season chicken with salt and pepper, and add it to pan. Cook chicken for 5 minutes on each side, then remove pan from heat. 3. In a bowl, combine panko, Parmesan cheese, and butter. 4. Spread pesto over chicken and top with panko mixture. 5. Broil chicken for 2 minutes on high heat until browned. 6. In a skillet, heat remaining oil over medium-high heat. 7. Add tomatoes and cook for 6 minutes. 8. Add garlic and cook for 30 seconds, stirring constantly. 9. Season tomato mixture with salt and pepper, and add red wine vinegar. 10. Serve tomatoes with broiled chicken.
Submit your answers to email@jrphillipslaw.com
Correct answers will be entered into a drawing on Mar. 31 for an Amazon gift card.
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