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Mistakes to Avoid- Not Staying Up to Date

Beneficiary designations, account titling (ownership arrangements), and traditional estate planning tools (trusts and last wills) work together to create a fully functioning estate plan. Another common mistake made with beneficiary designations and ownership arrangements includes not keeping your beneficiary designations up to date.

Significant life changes necessitate changes to your beneficiary designations. If you get divorced you must immediately review and update all your beneficiary designations. Without updates, your ex-spouse could be your beneficiary upon your death even if you are remarried.

Other life changes include a beneficiary predeceasing you, or new additions to the family. It is essential to periodically review and update your beneficiary designations to ensure your beneficiaries remain consistent with your estate planning goals.

Over the next several posts we will explore these common mistakes in more detail.

To be continued….
Aaron E. Futterman, CPA, Esq. is a partner in the law firm of Futterman & Lanza, LLP with offices in Smithtown, NY and clients throughout Suffolk, Nassau, Queens, Brooklyn, Bronx, Richmond, New York, Westchester and Rockland Counties. He concentrates his practice to Elder Law, Medicaid Planning, Medicaid Applications, Estate Planning, Probate, Estate Taxes, and Estate Administration.

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