In this week’s inaugural edition of Estate Planning News, our firm has selected some helpful articles from around the web that cover problems commonly encountered by clients during the Estate Planning process: so our readers won’t make them!

  • In an article from CNBC, authors highlight mistakes Estate Planning clients frequently make. The problems discussed occur all too often, as clients consistently regard Estate Planning as a “one-time” action rather than the lifelong process it ought to be. This is great reading for people who have not reviewed their estate plan recently.
  • Along similar lines, Professor Gerry Beyer of Wills, Trusts & Estates Prof Blog identifies the “Ostrich Syndrome” associated with Estate Planning, where clients do not want to begin the process because it is difficult to confront the questions associated with drafting a comprehensive plan. We wholeheartedly agree with him that this creates more problems than it solves.
  • The article about an Estate Planning checklist is a good place for people overcoming the aforementioned “Ostrich Syndrome” to start when they realize they need a plan. It can be overwhelming to consider all of the steps that need to be taken when planning for the future, and having an easy-to-understand list of potential considerations is a big help.
  • Finally, we conclude this week’s Estate Planning News with an interesting piece about digital assets and estate planning. In an age increasingly dependent on intangible assets and cloud technology, considering things like email accounts, subscriptions, and other digital property are often an afterthought when it comes to Estate Planning.

Avoid the top 5 estate-planning blunders – CNBC.com

CNBC.com Avoid the top 5 estate-planning blunders CNBC.com Do not-repeat, do not-name your estate as your individual retirement account beneficiary or it will be subject to claims and creditors during probate, the legal process for settling your estate. When you die, your individual retirement …

Read More at CNBC

The Ostrich Approach to Estate Planning Needs to End

An estimated 51% of Americans ages 55 to 64 do not have a will.  Wills provide the peace of mind that your loved ones will be taken care of the way you like, and you’ll be able to avoid family skirmishes.   So why do so many people not have wills?  The most common reason is that they “just …

Read More at Law Professors Network

Estate Planning Checklist: Preparing for the Future

As you approach your senior years or as your estate grows, you will want to make sure that things are clear in terms of your assets. With estate planning, you can name who has your assets and set up a basic plan in relation to your net worth. It can be a complicated affair, and it’s important to …

Read More at www.udemy.com

Blog Post: McNees Insights: Estate Planning for Digital Assets

By Andrew S. One area where this sentiment is particularly applicable is estate planning for digital assets. However, the cost of ignoring or improperly planning for a client’s digital assets can be significant, and a complete estate plan should address the disposition and administration of …

Read More at www.lexisnexis.com