Many people think they have got everything covered when it comes to estate planning. However, in the web of elder law Grand Rapids Michigan legalities, every estate plan needs to be tough and truly bulletproof. Here we are looking at some of the common oversights you could be making, and what you can do to improve the estate plan.
Neglecting regular updates
In life, anything is possible, and that is the same with your circumstances. Perhaps the most common oversight people make is taking one plan and sticking with it forever. If you have drafted your will in your 40s, you cannot keep the same will when you have children later, or when you have accumulated assets. Marriages, births, divorces, and financial changes are always happening in life. And so, you should always keep updating your estate plan.
Forgetting Digital Assets
Digital assets are becoming more and more important right now. In the future, there is definitely a market for your assets. If you invest in financial accounts like stocks, or crypto, you must keep addressing these assets in your estate plan. If you haven’t done this already, your heirs will have many challenges in distribution.
Overlooking powers of attorney
Some people focus on wills and trusts and completely ignore the unsung hero of estate planning, i.e. power of attorney. If you don’t have a durable power of attorney for finances and healthcare, your loved ones can have problems managing your affairs. Ensure you’ve appointed a trustworthy estate planning attorney Grand Rapids MI to hold the keys to your financial and healthcare matters.
Ignoring beneficiary designations
Will is the first thing people prepare for asset planning, but many assets still pass outside through beneficiary designations. Things like life insurance policies, retirement accounts, and similar accounts have designated beneficiaries. You must review these updates so that it doesn’t lead to unintended consequences.
Forgoing a plan for Minors
It’s a mistake to assume that if something happens to you, your loved ones will automatically take care of your minor children. But without a designated guardian, it’s not possible until the court decides who will take this role.
About Castle Wealth Group Legal:
Castle Wealth Group Legal helps with all the intricacies of elder law, and related services. The lawyers East Lansing can help you avoid probate, and nursing costs, and design a good estate plan to manage your assets.
Schedule a consultation now from Castle Wealth Group Legal at https://michiganestateplanning.com/
Original source: https://bit.ly/48ZYi8Z
