5 Common Estate Traps To Be Aware Of

June 26, 2015

Leaving behind a legacy after you pass away requires perceiving and planning to avoid several common pitfalls. Make sure you’ve completed the estate planning process at least once in a comprehensive manner, with yearly check-ins scheduled. Watch out for these common issues:shutterstock_235021402

  • Failing to include contingency beneficiaries on a retirement account
  • Not planning for the potential of your spouse remarrying someone new, and thus making that new spouse eligible for money you had intended to set aside for children
  • Failing to account for the impact of aging parents
  • Failing to think about incapacity and what your plans would be if something left you with a disability
  • Not thinking carefully enough about trustee appointments or power of attorney selections

Although these might seem minor, they can have major implications for your estate and for the loved ones you leave behind. You can prevent mistakes and mismanagement by doing the work in advance and reviewing it on a regular basis.

Estate planning is certainly more complex than these basic five issues, but getting your plan in working order can be as simple as fixing the issues related to these concerns. Contact an estate planning attorney to learn more. Get our help by contacting info@lawesq.net.


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Protecting Your Loved Ones: Valentine’s Day Lessons in Financial, Estate, and Tax Planning

This Valentine’s Day, go beyond flowers and gifts. Learn how financial planning, estate planning, and tax strategies help protect the people you love most. Valentine’s ...

<p>The post Protecting Your Loved Ones: Valentine’s Day Lessons in Financial, Estate, and Tax Planning first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Americans Are “Unretiring”: What It Means for Financial, Tax, and Estate Planning

More Americans are returning to work after retirement. Learn what “unretirement” means for financial planning, taxes, estate planning, and long-term wealth strategy. For decades, retirement ...

<p>The post Americans Are “Unretiring”: What It Means for Financial, Tax, and Estate Planning first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Game Plan for Your Financial Future: Super Bowl Lessons for Tax, Estate & Wealth Planning

Discover how Super Bowl strategy mirrors smart financial planning. Learn key lessons for tax planning, estate planning, accounting, and long-term wealth strategy for business owners ...

<p>The post Game Plan for Your Financial Future: Super Bowl Lessons for Tax, Estate & Wealth Planning first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>