Top 50 Warnings from Experienced Virginia Estate Planning Attorneys

Virtually everything can be done over the internet these days, and many have assumed that boilerplate estate planning documents that can be downloaded for free are all they need. There are more things to consider in your estate planning than can ever be addressed in generic forms or other DIY plans.

The experienced Virginia Estate Planning Attorneys at Promise Law want everyone to have secure, legally valid, and valuable estate plans, while avoiding pitfalls that can cost you and your loved ones money, time, and headaches. Here are the top 50 warnings about what you should avoid in your estate planning from our team of attorneys.

Avoid These Mistakes in Your Virginia Estate Planning

Here are 50 things that you should avoid in estate planning:

1. Procrastinating and not starting the process early enough.
2. Failing to create a will or trust.
3. Naming the wrong beneficiaries on your life insurance policy or retirement accounts.
4. Not updating your estate plan after significant life changes, such as marriage, divorce, or childbirth.
5. Failing to consider the tax implications of your estate plan.
6. Not correctly titling your assets in the name of your trust.
7. Choosing the wrong type of trust for your needs.
8. Failing to designate a guardian for your minor children.
9. Not correctly funding your trust.
10. Failing to consider the potential for incapacity and not including a power of attorney or healthcare directive.
11. Choosing the wrong executor or trustee.
12. Not properly documenting any gifts made during your lifetime.
13. Failing to address digital assets in your estate plan.
14. Not correctly considering the impact of any second marriages or blended families.
15. Failing to consider the possibility of long-term care needs and Medicaid pre-planning.
16. Not properly addressing any business interests in your estate plan.
17. Failing to transfer any real estate into your trust correctly.
18. Not correctly considering the impact of any prenuptial or postnuptial agreements.
19. Failing to consider the possibility of any disputes among your heirs.
20. Not properly addressing any unique assets, such as artwork or collectibles.
21. Failing to document any loans made during your lifetime correctly.
22. Not properly addressing the potential for estate taxes.
23. Failing to address any charitable goals or donations adequately.
24. Not properly addressing any special needs beneficiaries.
25. Failing to address any international aspects of your estate plan adequately.
26. Choosing the wrong life insurance policy or coverage amount.
27. Failing to address any pets or animals in your estate plan.
28. Not correctly considering the impact of any foreign assets.
29. Failing to adequately address any debts owed by your estate.
30. Not correctly considering the impact of any gifts made within three years of your death.
31. Failing to address any potential creditors of your estate correctly.
32. Not correctly considering the impact of any family loans or debts.
33. Failing to adequately address any estate disputes or litigation.
34. Not properly addressing annuities or retirement accounts in your estate plan.
35. Failing to consider any life insurance policies held in a trust properly.
36. Not properly addressing any potential conflicts of interest among your beneficiaries.
37. Failing to address any potential tax issues related to gifting properly.
38. Inadequately addressing any potential issues related to intellectual property.
39. Failing to address any potential digital currencies or assets issues properly.
40. Not correctly considering the impact of any potential future changes in the law.
41. Failing to properly address any potential issues related to cryptocurrency.
42. Not correctly considering the impact of any potential future changes in your financial situation.
43. Failing to properly address any potential issues related to cryptocurrency exchanges or wallets.
44. Not correctly considering the impact of any potential future changes in your family situation.
45. Failing to adequately address any potential issues related to offshore accounts or investments.
46. Not correctly considering the impact of potential future health changes.
47. Failing to address any potential foreign assets or investment issues adequately.
48. Not correctly considering the impact of potential future changes in your employment or business situation.
49. Failing to address any potential issues related to intellectual property disputes adequately.
50. Not correctly considering the impact of any potential future changes in your personal situation.

This is obviously a long list, but simply reviewing it can demonstrate the many things that can go wrong with your estate plan without competent help.

Reliable Virginia Estate Planning Assistance

Promise Law in Newport News, Virginia, provides reliable assistance for those who want to secure their assets and future. If you are still determining the stability of your current estate plan or need to create one from scratch, contact us today to learn more.

We also offer a free, educational Estate Planning Workshop that comes with a complimentary consultation with one of our wonderful Estate Planning Attorneys. There is no obligation to partner with us for legal services if you participate in this workshop. It is totally for your benefit.

Contact our office at (757) 866-3730 or fill out the Estate Planning Workshop page form to get more information.