Being prepared to pass your estate to your heirs will give you and them some peace of mind. Once your estate plan has been created, you will be glad your house is in order. Hopefully, you made it with the help of a professional estate planning lawyer to ensure setting it up correctly.
Why Estate Plans Often Fail
Many estate plans, Forbes says, will fail to complete the intended asset transfer to the designated beneficiary. The biggest reason is that clients do not follow the instructions from the professional estate planner. In other words, the plan was good and would have worked, but there were some things that the client never completed.Another reason an estate plan fails to fulfill its intentions is that it needs to be reviewed every couple of years with an attorney to ensure it will still accomplish its goals. Laws concerning estates are constantly changing.
