Bay Area Estate And Tax Planning Law Firm

Profit from avoidance of these estate planning minefields

On Behalf of | Jun 25, 2019 | Uncategorized |

The estate planning realm in California and nationally is sadly replete with stories spotlighting unfortunate outcomes linked with planners’ lack of preparation.

Here’s one: An individual with adult children remarries and fails to update a will and other relevant instruments. That can easily leave a mess and resulting litigation between a widow and those kids from a former marriage.

Here’s another: A planner forgets to adjust beneficiary designations on insurance policies and various savings accounts. The planner believes that the particulars will be covered through declarations in a will or trust.

They won’t be. What is ticked off or spelled out on an existing beneficiary box is what will legally determine a money outcome, regardless whether another document states otherwise.

There are legions of other potentially adverse and unforeseen outcomes that might result following the death of an individual who failed to engage in timely and purposeful planning when the opportunity existed.

A recent in-depth article on estate planning errors and strategies for sidestepping them underscores a few possibilities. They range from the failure to designate guardians, trustees and other individuals who can make key planning decisions when necessary to forgetfulness concerning the required funding of a trust.

There is an upside that can be easily underscored in the midst of any narrative stressing estate planning challenges and dire outcomes awaiting the unprepared. The authors of the above article highlight it in noting the benefits awaiting a planner who takes the opportunity to timely “sit down with an estate planning attorney.”

The Bay Area estate planning Law Offices of Connie Yi invites readers to do just that. Although no law firm can guarantee specific results, our proven legal team does pledge the total commitment that deeply experienced planning advocates bring to bear on behalf of valued clients in every case.

We welcome contacts to the firm.