Harrison, MI – Estate Planning can be a difficult and overwhelming process for families. Casper P. Connolly and Associates have admitted that 95% of planning structures are inadequate and are offering to aid any clientele with their plans.
- Not checking beneficiary designations and naming contingent backup beneficiaries.
- Not considering that certain personal possessions may hold more than just monetary value.
- Not naming backup executors and trustees.
- Working with an estate planner who does not take the time to make sure the ownership of accounts and beneficiary designations are properly coordinated.
- Not leaving written documentation of assets, including online accounts and passwords (Dagmar M. Pollex, JD, 9-28-13; See also, Your Estate Planning Agenda, Bob Carlson, 8-7-13).
Specificity is important when drafting an estate plan, which is why utilizing the knowledge of educated and experienced Estate Planning Lawyers or Asset Protection Specialists could be the difference between a simple procedure or a long and drawn out court litigation. For example, one improperly drafted trust agreement failed to define the word “spouse” which resulted in a time-consuming and costly litigation. In the end, the Supreme Court ruled that “spouses” included the non-relative widows and widowers of the decedent’s children. In order to avoid unnecessary setbacks it is recommended that clientele it is recommended that customers contact an estate planning lawyer or asset protection specialist to ensure the security and protection of their estate.
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