Failing to update your estate planning documents and financial accounts after divorce. With a divorce rate ranging from fifty to sixty percent these days, it truly can happen to any marriage. Although it is a difficult transition period, you must make sure to properly update any estate plan you might have created with your former spouse. You must also make sure you change your designated beneficiaries on any IRA or 401(k) accounts, and life insurance policies. Failing to plan for this event could be as problematic as failing to plan for death.

Thinking you can do it on your own. It truly is tempting to execute your own estate planning documents, especially when companies like RocketLawyer and LegalZoom make it look like it is so easy. Even for estates that seem simple, there are countless nuances in estate planning law that non-lawyers simply would not think of. Many do not even realize the various tax implications that can arise throughout planning for your estate. The worst of it all is that failing to do it right the first time with proper legal guidance, can end up costing your loved ones more money and time in the end.

Failing to protect your non-financial assets. While a major part of estate planning can include planning for what happens to your financial accounts and real property, many fail to think of other assets they might have. Non-financial assets can include your art collection, your baseball card collection, etc. And as much as we consider our pets part of the family, the law still defines them as personal property. We work with our clients to make sure that all of their assets are accounted for.

Only preparing documents for your death, and not your incapacity. Every estate plan is incomplete unless it also has documents that account for who should manage your affairs upon your incapacity. A document called a Durable Power of Attorney for Financial Management allows your designated agent to make financial decisions for you in case of your incapacity, and allows rent and other bills to continue being paid. Another document that we recommend is called the Advance Health Care Directive, which allows you to designate someone to make medical decisions in case of incapacity.

And finally, the biggest estate planning mistake is: not having one! Many people think they do not have an “estate”, and therefore they do not have to execute an estate plan. The truth is if you own a home, have minor children, or significant financial assets, you need to plan properly. Call our office today to schedule a complimentary consultation to get started.

Glendale Location

616 E. Glenoaks Boulevard, Suite 203

Glendale, CA 91207

Sherman Oaks Location

15303 Ventura Boulevard, Suite 900

Sherman Oaks, CA 91403