Page 18 - Southern Exposure - April '20

Page 18, Southern Exposure

FinanCial FoCuS

Avoid These Estate Planning Mistakes

By Sally Sima Stahl
You save and invest to • Not naming proper beneficiaries – Many of your understanding what’s in your estate plan. You need to work
meet a variety of goals assets – 401(k), IRA, life insurance and so on – require you closely with your tax, legal and financial professionals to
during your lifetime: college to name a beneficiary. These beneficiary designations are create a plan you fully comprehend and can communicate
for your children, long powerful, often superseding the instructions in your will. effectively to your loved ones. Surprises are often pleasant
vacations, a comfortable If circumstances change in your life, such as new children, in many areas of life – but estate planning is not one of them.
retirement, and so on. But or divorce or remarriage, you may well want to change This article was written by Edward Jones for use by your
you probably also want to beneficiaries. It’s easy to do – but it’s also easy to overlook. local Edward Jones Financial Advisor.
leave something behind • Not updating ownership of assets – A change in your Edward Jones, its employees and financial advisors are
– to your loved ones and, family situation or changes in the laws governing income not estate planners and cannot provide tax or legal advice.
possibly, to the charitable and estate taxes could require you to update ownership Call me for a free portfolio review at (561) 748-7600,
organizations you support. designations of financial assets. Sally Sima Stahl, AAMS, 1851 W. Indiantown Road, Ste. 106,
To do so, you’ll need to And here’s perhaps the biggest mistake of all: Not Jupiter, FL 33458.
develop a comprehensive estate plan, but to make that
plan work; you must avoid some common mistakes.
Here are a few of these pitfalls you’ll want to avoid:
• Not writing a will – If you were to die “intestate” –
without a last will and testament – the state in which you
live would determine how your property was distributed.
And the state’s decisions may not match what you had in
mind at all. Furthermore, a will is where you would name
guardians for your minor children.
• Not going beyond a will – While a will is an essential
component of estate planning, it’s often not enough. You
may need to create other documents, such as a living
trust, which, among other benefits, enables your estate to
avoid probate, a time-consuming and public process that
can lead to disputes among your heirs and others. And
a living trust lets you place highly specific conditions
on how and when you want your assets distributed. You
might also consider other legal documents, including a
power of attorney, which allows you to appoint a person
or organization to handle your affairs if you can’t do so
yourself, and a health care directive, which lets you name
someone to make health care decisions on your behalf,
should you become physically or mentally incapacitated.
• Choosing the wrong executor – An executor is
responsible for distributing property to your beneficiaries
and paying off any debts and taxes your estate may owe,
among other tasks. Because the role of executor is so
important, you need to choose someone who is reliable,
competent and trustworthy. It’s certainly possible to find
such an individual in your own family, but many people
choose someone who is either conflicted, too busy or
simply not up to the task. If you have doubts about picking
a good executor, you may want to turn to a trust company.
The costs likely will be higher than if you chose a family
member, but the results may be much better.

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