Tips for Avoiding One of the Biggest Estate Planning Mistakes That Celebrities Make
It's certainly important to have a will but it's not enough to put together this document one time either by yourself or with the help of an experienced estate planning attorney. This could compromise your ability to have the legal document actually reflect your individual wishes. In fact, failing to update your will could put family members in a difficult situation. Signing a will is simply the beginning of your estate planning process rather than the end.
Think carefully about the experiences of singer Barry White, who was at the time legally separated but not officially divorced from his second wife when he passed away. His live-in girlfriend of several years received nothing as a result of the fact that he had not updated his will since the separation. That meant that the wife received everything. It is critical to update your beneficiary information and your estate planning documents on an annual basis after speaking with an experienced estate planning lawyer.
Having an ongoing relationship with your estate planning lawyer is critical for getting your questions answered and ensuring that your materials are updated as your life warrants it. Being flexible and using documents and strategies that can change as your life does gives you the best opportunity to plan ahead for your own future and for the future of your assets. An Ohio estate planning attorney can help.