${site.data.firmName}${SEMFirmNameAlt}
Contact Us For A Consultation
302-644-7181 Lewes
302-697-4900 Camden

A common estate planning mistake in Delaware

One common error that people make when dealing with their estate plan is to not update their beneficiary designations. This mistake is probably quite common because many are not aware that a will's named beneficiaries may be overridden if beneficiary designations are different on insurance plans and retirement accounts.

As a result, even if someone updates their will, if they do not change their designation in the account paperwork itself, the assets will go to whomever is named on the paperwork. While this is not always as big a deal if an individual wanted their assets to go to a child and it goes to a parent instead, it can create a variety of problems if the assets go to an ex-spouse.

Therefore, when people's circumstances change, due to a divorce, a marriage or a death, it is important that they ensure that all of their estate planning paperwork is updated. Individuals should be aware that a will does not necessarily override all other documents and designations, so it is important that someone ensure that all beneficiary designations are changed. Failure to do so can result in people expecting an inheritance and seeing another individual get it.

Along with ensuring that estate plans are kept current, it is important that people choose the right documents based on their situation. While wills can take care of assigning an individual's assets to their heirs, there may be fewer tax implications if someone uses a trust to leave property to beneficiaries. A lawyer may be able to assist someone in determining the best estate planning documents based on their situation.

No Comments

Leave a comment
Comment Information

What Our Clients Say About Us…

My wife and I would like to take this opportunity to highly recommend the legal practice of Bonnie Benson and her very professional staff… Bonnie and her staff are organized, engaged in the client's case and they communicate effectively.

Read More
Latest Blogs
Get The Help Now

Need Answers Now? Contact Us Immediately

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

your success. our commitment. elder counsel excellence in elder law  and special needs state bar delaware association

Camden Office
306 East Camden Wyoming Avenue
Camden, DE 19934

Phone: 302-697-4900
Fax: 302-697-4901
Camden Law Office Map

Lewes Office
33718 B Wescoats Road
Lewes, DE 19958

Phone: 302-644-7181
Fax: 302-644-7182
Lewes Law Office Map

We Accept visa mastercard discover network
Review Us