View Blog Navigation

3 worst estate planning mistakes to avoid

No one likes to think about death, but a lack of proper estate planning can cause confusion and turmoil for your family once you’re gone. Too many people fail to follow through on creating a plan, while others don’t update their plans after significant changes occur.

Some people in Wilkes-Barre and Philadelphia believe estate planning is for older people and something to do later, while others may think they don’t have enough assets to worry about creating a will, trust or other option to pass along their money and property.

Avoid these three common mistakes

Once you decide to create a comprehensive estate plan, it is important to avoid these three errors that many people make:

Incomplete information: Leaving your executor and family members a detailed list of all your assets is vital to making sure others follow your wishes, including:

  • Bank accounts
  • Brokerage accounts such as stocks, bonds, mutual funds, CDs
  • Retirement accounts
  • Insurance policies
  • Mortgage documents
  • Passwords

Missing or incorrect beneficiary designations: Make sure you name beneficiaries and contingent beneficiaries for retirement accounts, annuities and insurance policies and that your will is updated to reflect the most current information. Estates with missing or incorrect beneficiary information will end up in costly probate proceedings.

Not updating your plan: Review your plan annually and after major life changes, such as a divorce, changing jobs or having a child. Failing to do so will make it more likely that your wishes may not be carried out. Estate plans should also be updated to take advantage of current tax laws.

Coming up with a detailed and updated estate plan

Estate planning can be a difficult topic when considering the end of your own life, or when asking your parents if they have a plan in place. However, having a plan and making sure it’s done correctly can provide peace of mind while you are still around to enjoy the people you love. Working with an experienced estate planning attorney in Pennsylvania can bring welcome relief and provide for your family’s future security.

No Comments

Leave a comment
Comment Information
Get Help Now

Need help from an attorney?
Don’t risk losing your rights by waiting. Contact us right now.

Bold labels are required.

Contact Information

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.


Privacy Policy

Vinsko & Associates, P.C.

Wilkes-Barre Office
37 North River Street
Wilkes-Barre, PA 18702

Phone: 570-550-0815
Fax: 570-970-9711
Wilkes-Barre Law Office Map

Philadelphia Office
1700 Market Street
Suite 1005
Philadelphia, PA 19103

Phone: 215-309-8275
Fax: 215-278-4764
Philadelphia Law Office Map

Review Us

Evening and weekend appointments available