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Home » Estate Planning » Your Important Estate Planning Questions (Part 3 of 3)

Your Important Estate Planning Questions (Part 3 of 3)

May 27, 2011 by John Potter

Last, but not least, this is the third part of our “important estate planning questions” series.  An essential part of the estate planning process is getting your questions answered and your concerns addressed.  Below you will find answers to many of your estate planning questions, but you are likely to have additional questions as well.  Be sure to consult with a qualified estate planning attorney.

What mistakes do people make when doing their estate planning?

Common mistakes include:

  • Not disclosing all assets to the estate planning attorney
  • Not disclosing health problems or family issues to the attorney
  • Not updating the estate plan every three to five years or upon the occurrence of a significant event
  • Not reviewing beneficiary designations every three to five years or upon the occurrence of a significant event
  • Not planning at all

I’m divorced but have a great relationship with my ex-spouse; do I need to update my estate plan?

Absolutely.  Even if you want to keep your ex-spouse as your beneficiary and your trusted agent (i.e. trustee, executor, power of attorney agent), you need to update your documents, reflecting your acknowledgment of the change in marital status.

Many documents automatically disinherit an ex-spouse, and your ex-spouse may be automatically disinherited under state law.  And, if it looks like you failed to update, a will contest could ensue.

I’m single.  Do I need life insurance?

It depends.  Do you have enough life insurance to cover your debts as well as your last expenses?  Is there anyone who is financially dependent upon you such as a minor child or elderly parent?  Do you want to create an estate?  Do you want to equalize an estate for children not in your family business?  Do you need insurance to fund a buy–sell agreement?  Do you want to leave a charitable gift?  Chat with your estate planning attorney to get a better feel for your insurance needs.

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John Potter
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Filed Under: Estate Planning Tagged With: Estate Planning

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

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