An estate planning pothole easy to avoid is not reviewing your estate plan after a remarriage. Frequently, we see where Mom or Dad remarries and leaves everything to the second spouse. When the second spouse dies, his or her children inherit everything and the children from the first marriage receive nothing.
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Your estate plan will likely need to be updated at some point. An estate plan represents a snapshot of your life at the time you create the plan along with your state laws then in effect. Later changes in your life or the law can affect your estate plan.
When planning your estate, who should have a copies of the documents? Steve Knecht and Randy Vonderheide answer to this commonly asked estate planning question.
Estate Planning can be a tough road, we discuss one of the common potholes you may encounter on the journey: Beneficiary Designation.
The key to avoiding probate is making sure that you do not hold title to any assets in your name alone at the time of your death and for those assets where beneficiary designations are permitted, that you in fact name both a primary and a contingent beneficiary.