Common Estate Planning Mistakes to Avoid Part Two

Welcome back! Today, our estate lawyer in Cary are here to talk more about common mistakes to avoid during estate planning. Below, you’ll find several tips that can help you include everything you might need to cover in your plan.

Things to Include | Estate Lawyer in Cary

Be sure to update or create your estate plan to include the following information.

  • College Fund Accounts Consider adding a college fund within your estate plan for grandchildren as this is a great way to help them save for their future education. Many colleges or universities do not consider these accounts when the student applies for financial aid or scholarships, either. In addition, any withdrawal or growth of the account is tax-free, as long as it’s considered an education expense.
  • Eliminate Multiple Retirement Accounts It’s likely you’ve changed jobs several times throughout the years. You may have different retirement plans open with previous employers. It’s important that you take some time to consolidate these accounts into an individual IRA or other account. While you’re living, having several different accounts likely won’t pose an issue. It’s after you’re gone that having multiple ones might cause a problem. If nothing else, you’ll eliminate unnecessary paperwork and make management of assets easier in the long run by consolidating your accounts now.
  • Make Copies of Your Will Not doing this happens regularly. It’s a mistake that many make. Make copies of your will and send them to your estate administrator each time your will is updated. Be sure you have finalized the will, signed it and have had it notarized before making copies. Also, consider keeping one in a safe place in your home or in a safe-deposit box. In the event of an emergency, it is vital that the most up to date version of the document is readily available.

Visit back with us soon for more information! We will have other things to include in your estate plan!

Estate Lawyer in Cary

Remember, if you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our estate lawyer in Cary is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office.

As always, feel free to contact us at our office to schedule a consultation with if you are looking for a lawyer to represent you in other legal matters. We are here to assist you with small business needs, trademarking, copyrighting and  DWI issues.

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