Offered by Dolan & Associates, P.C.
Here is the final segment of the top 10 common mistakes people make when they die:
Misunderstand Beneficiary Designations. Beneficiary designations are often used in planning but can have unintended consequences if misunderstood. Beneficiary designations override the instructions left in your will or trust. They also do not allow flexibility for unforeseen changes like a child who predeceases you, which can unintentionally disinherit grandchildren.
Fail to Plan for Disability. Another common mistake is failing to plan for a mental disability. Not planning for a possible mental disability can create significant problems for those who will be responsible for taking care of you. Caring for a person with a disability is hard enough, but having to overcome the legal challenges caused by a lack of planning can simply be overwhelming and increase complexity upon your death.
Fail to Discuss Matters with Their Family. Communication is critical to a successful transition upon your disability or death. Failing to share information and discuss matters or plans with your family puts everyone at a disadvantage. Studies have shown there is a 50% chance that you will need care before you die, so have the conversation with your family before it is too late. Sharing openly with your family may be the single largest component in producing a smooth transition upon your disability or death.
Don’t let your family be the horror story everyone talks about when they get together for coffee. Take the steps necessary to avoid these common mistakes so that things will go smoothly when you die. Visit online: www.EstatePlansThatWork.com for additional resources.
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