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Inattention and procrastination can hurt family wealth.

Some estate planning is better than none, but sometimes people address wealth transfer issues inadequately or ineptly when they tackle the task. Here are some classic miscues.

Waiting too long. A wealthy individual may postpone estate planning until too late in life, which may present obstacles due to diminished faculties or declining health.

Poor communication. Failing to discuss details of an estate plan with a spouse, an executor, a charity, or heirs may lead to assumptions and differences in expectations-potentially setting the stage for more difficult conversations after you pass away.

Choosing the wrong executor. Some people lack the interest or temperament to carry out an estate plan. Others face a steep learning curve. Sometimes, an executor is chosen inconsiderate of his or her health-and passes away before the grantor does.

Failing to update beneficiary choices. Beneficiary designations on retirement savings accounts and life insurance policies can legally override will bequests. Outdated designations may result in ex-spouses or estranged children receiving life insurance proceeds or retirement plan assets.1

How up-to-date is your estate planning? It should be kept current. I would be happy to help you address these and other wealth transfer concerns, in collaboration with professionals you may currently be working with. Simply call or email me today to start the conversation.

This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.


    Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Patriot Financial Group, a registered investment advisor. Patriot Financial Group and Summit Star Financial are separate entities from LPL Financial.
    1 thebalance.com/why-beneficiary-designations-override-your-will-2388824 [10/8/16]
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    This material was prepared for John A. Gordon and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note: Investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting, or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax, or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such.
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