Did you know that one small mistake in your estate plan can result in big changes in what your heirs receive? A recent case highlights just how easily these errors can occur. Fortunately, it also provides a perspective that can prevent this and many other mistakes from happening. In this particular estate, a man had noted on his IRA beneficiary form that any assets from the account should be distributed according to his will. And that’s where the trouble began. This wasn’t an option on his beneficiary form and for whatever reasons, no one caught the mistake and as a result, it was invalidated to the point that it opened the door for his spouse to receive the value by default in its entirety. The family members in his will who he wanted to receive the assets were upset and sued. They lost the nearly one half million dollars to their new stepmother, who’d been married to their father for weeks before he died. As estate planning lawyers, we stress the importance of remaining curren
Posted on: Thu, 23 Oct 2014 13:51:42 +0000
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