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

Common mistakes made regarding estate planning

Most Delaware residents would say that their lives are busy. Going to work, taking care of daily family obligations and other tasks can occupy a significant amount of time. Therefore, when it comes to estate planning, many people make the mistake of putting it off until it is too late or neglecting to ensure that the plan will provide for their loved ones in the manner they intended.

Every adult in Delaware should have at least a basic will. Otherwise, it will be up to the state to distribute a decedent's property, which might not be in the manner it would have been if he or she had taken the time to prepare a last will and testament. For other people, a basic will is not enough to adequately provide for the needs of each beneficiary or heir.

Like wills, trusts allow an individual to dictate how and when property is distributed after his or her death. Unlike a will, however, the assets that are held in the trust will not have to go through probate, which could save family members a significant amount of time and money. Certain accounts, such as retirement accounts and insurance policies, also do not go through probate and are governed by beneficiary designations regardless of what the will might indicate, so they need to be kept up to date as well.

Estate planning is an area of law that allows people to tailor their documents in a variety of ways. It is also often quite forgiving since most documents can be changed, modified or completely replaced as circumstances change. Contemplating death might not be a pleasant way to spend an afternoon or two, but it would be a mistake to ignore what will happen to an individual's property after he or she passes away.

Source: nasdaq.com, "4 Strategies to Avoid an Estate-Planning Mishap", C. Grant Conness, Aug. 2, 2016

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