{"id":390,"date":"2020-02-22T13:03:09","date_gmt":"2020-02-22T20:03:09","guid":{"rendered":"https:\/\/ogbornelaw.com\/?p=390"},"modified":"2023-07-21T17:20:40","modified_gmt":"2023-07-21T17:20:40","slug":"problems-estate-planning","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/problems-estate-planning\/","title":{"rendered":"8 Common Estate Planning Mistakes &#038; Issues"},"content":{"rendered":"<p>When it comes to <a href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\">estate planning<\/a>, there is no \u201cone size fits all\u201d solution. It\u2019s a combination of science, knowing what works in general, and art, knowing what will work best for your family. The best solution is to hire an attorney who knows the ins and outs of the law.<\/p>\n<p>According to <a href=\"http:\/\/www.forbes.com\/sites\/feeonlyplanner\/2011\/10\/21\/5-key-estate-planning-documents-to-help-avoid-family-conflicts\/#23f5a5c94e14\">Forbes,<\/a> there are five key documents your estate plan must include:<\/p>\n<ul>\n<li>Will<\/li>\n<li>Living Trust<\/li>\n<li>Advanced Healthcare Directive<\/li>\n<li>Durable Power of Attorney<\/li>\n<li>HIPAA Release Form<\/li>\n<\/ul>\n<p>What if you have unique circumstances? It happens; every day, in fact. Here are four issues you might have come up in your estate planning.<\/p>\n<ol>\n<li><strong> Clearly Defined Beneficiaries<\/strong><\/li>\n<\/ol>\n<p>Are you in the \u201csandwich generation,\u201d with both children and parents in your care? Even if your parents aren\u2019t in your home, you may be responsible for their long-term care.<\/p>\n<p>Meaning, if you die before they do, then they need to be taken into consideration. Therefore, your beneficiaries may extend beyond your spouse and children to include parents, grandchildren, or even siblings, depending on your situation.<\/p>\n<ol start=\"2\">\n<li><strong> Second (and Third or Fourth!) Marriages<\/strong><\/li>\n<\/ol>\n<p>Do you have children from a previous marriage? Is yours a blended family with multiple children and parents? All of these moving components can delay your estate plan.<\/p>\n<p>Both you and your spouse will have your own assets you\u2019ve already reserved for older children. You\u2019ll also have to consider any children you have together. A trust is a good solution, but it should be crystal clear as to who gets what and when.<\/p>\n<ol start=\"3\">\n<li><strong> Guardianship of Minor Children<\/strong><\/li>\n<\/ol>\n<p>Have you divorced and the parent of children shared with your ex? Typically speaking, if you predecease your ex, your children will be in their guardianship.<\/p>\n<p>That also generally means that the surviving parent will be in charge of the inheritance you leave for your children. If that\u2019s not what you\u2019d like to have happen, then you\u2019ll need to make accommodations in your estate plan.<\/p>\n<ol start=\"4\">\n<li><strong> Digital Property<\/strong><\/li>\n<\/ol>\n<p>Truthfully, this is nothing we thought of 10 years ago, but it\u2019s certainly a consideration in today\u2019s digital world. Who has access to your computer? Who will close your social media accounts? Our lives are online, and you need to designate a plan to manage your online persona after your passing.<\/p>\n<ol start=\"5\">\n<li><strong>Not Expecting A Beneficiary to Die<\/strong><\/li>\n<\/ol>\n<p>If one of your beneficiaries dies, who gets the money they were supposed to get? <a href=\"https:\/\/www.kiplinger.com\/article\/retirement\/T021-C032-S014-10-surprisingly-common-estate-planning-mistakes.html\">Kiplinger<\/a> says you should &#8220;<em>leave your assets to \u201call lawful children equally &#8211; Per Stirpes<\/em>&#8220;.<\/p>\n<ol start=\"6\">\n<li><strong>Ownership Imbalances\u00a0<\/strong><\/li>\n<\/ol>\n<p>If your spouse has a lot of taxes in their name it could increase or accelerate some taxes. Shifting the investment accounts or the house to the other spouse equalizes the estate and reduces the chance of owing taxes to the government after the first spouse passes away.<\/p>\n<ol start=\"7\">\n<li><strong>Not Including a Residuary Clause\u00a0<\/strong><\/li>\n<\/ol>\n<p>Without a residuary clause, a probate court can distribute your unclaimed property or assets as if there were no will in place or as per state intestacy laws.<\/p>\n<ol start=\"8\">\n<li><strong>Not Hiring an Estate Planning Attorney<\/strong><\/li>\n<\/ol>\n<p>Everyone will eventually pass away. Make sure you plan properly. Hiring an estate planning attorney is much cheaper than litigating in court. Save your beneficiaries the trouble of having to fight for what&#8217;s rightfully theirs by hiring an estate planning attorney.<\/p>\n<p>According to <a href=\"https:\/\/orlowskywilson.com\/the-top-ten-estate-planning-issues\/\">Orlowsky&amp;Wilson<\/a>, &#8220;<em>The best way to control legal fees is to incur them while you are alive and able to oversee the planning process. Failure to plan is likely to increase the total amount of fees paid. Especially if family members decide that fighting is the best way to resolve disputes after you\u2019re gone<\/em>.&#8221;<\/p>\n<h2>Estate Planning Attorney in Phoenix, Arizona<\/h2>\n<p>Here at <a href=\"https:\/\/g.page\/ogbornelaw?share\">Ogborne Law<\/a>, we are proud to include estate planning among our services. Your\u00a0<a href=\"https:\/\/ogbornelaw.com\/getting-to-know-michelle-ogborne-estate-planning-attorney\/\">estate planning attorney<\/a>\u00a0will work closely with you to draw up all the documents you\u2019ll need to communicate your wishes to the court. We\u2019ll take the time to answer all of your questions and guide you through this important process. If you\u2019re ready to start your consultation with Ogborne Law, visit our\u00a0<a href=\"https:\/\/ogbornelaw.com\/schedule-a-consultation\/estate-planning\/\">Estate Planning Consultation<\/a>\u00a0request page.<\/p>\n<p>There are so many aspects to consider in estate planning, and we haven\u2019t even touched on those individuals who own a business!<\/p>\n<p>You\u2019ve worked hard for your life, and you need to protect it. You owe it to your family and your legacy to take care of planning now.<\/p>\n<p><a href=\"https:\/\/ogbornelaw.com\/contact\/\">Contact Ogborne Law<\/a> to schedule your estate-planning session.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to estate planning, there is no \u201cone size fits all\u201d solution. It\u2019s a combination of science and knowing what will work best for your family. <\/p>\n","protected":false},"author":3,"featured_media":11213,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,31],"tags":[],"class_list":["post-390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","category-family-law","category-37","category-31","description-off"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>8 Common Estate Planning Mistakes &amp; Issues - Ogborne Law<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4 Common Problems during Estate Planning\" \/>\n<meta property=\"og:description\" content=\"When it comes to estate planning, there is no \u201cone size fits all\u201d solution. 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