Saint George, Utah, Detrimental Estate Planning Mistakes to Refrain From

Every legal matter has certain procedures that must be followed, and the same rule is applied when an estate plan is being created. Through the help of an estate planning lawyer, individuals can go forward with planning out the thorough legal distribution of their assets when they are no longer able to make these important legal decisions for themselves or their loved ones.

Anyone who finds they need to start creating an estate plan should make sure they avoid certain mistakes so their family benefits from their plan as much as possible. One of the first mistakes that people often make is they do not properly understand their plan and they become passive and let the legal expert make all the decisions. The truth is, only a person themselves knows what they want to do with their assets so they should make sure they voice their opinion for the proper changes to be made to their plan and so their loved ones get the fair amount they deserve.

One of the biggest reasons that some estate plans are not properly implemented is because the estate plan was never properly understood in the first place. If anyone is creating an estate plan, they should make sure they ask their attorney to clarify matters, so they properly understand everything that is taking place. Of course, a person does not have to understand all the detailed legalities, but they should at least understand the basics, so they know exactly what is being written and recorded for the future.

Another serious mistake is that individuals do not update the plan when significant changes take place in their life. If a person does not update their beneficiary designations, then an asset may end up going to those whom they never intended so a person should make sure they are in touch with their estate planning lawyer regularly.

Coordinating trusts and retirement plans in Saint George, Utah

Trusts and retirement plans should be properly coordinated but many people make the mistake of naming the wrong trust as an IRA beneficiary and this results in an acceleration of taxes. To avoid this, a person should speak to a qualified estate planning lawyer and make sure that the trusts and retirement plans are thoroughly in sync, and they only name the relevant trusts as other retirement beneficiaries.

Leaving without an estate plan can create a lot of unnecessary complications and lead to financial losses for the grieving family. Get in touch with an estate planning lawyer at Barney, McKenna, and Olmstead as soon as possible to get assistance creating a proper estate plan and securing the future of ones loved ones.

Reach them at:

43 South 100 East

Suite 300

(435) 628-1711



590 W Mesquite Boulevard

Suite 202A

(702) 346-3100

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