Estate Planning Pitfalls - Let's Check Estate Planning Off Your List!

Ruth C. Rhodes • Mar 31, 2022

This past year has taught us many valuable life lessons. Estate planning has been on many “to do lists”. Making the decision to finally check estate planning off your list is a great way to start the new year. Understanding the most common estate planning pitfalls will help you in your planning or revision of prior estate planning. Let’s start with the top 3 estate planning pitfalls to name just a few. 


First, life events are top on the list. Some of the typical life events that can affect your estate plan are the passing of a loved one, moving, marriage, divorce, birth of a child or grandchild or children becoming an adult. You want to make sure and customize your Trust or Last Will and Testament to accommodate these updates. For instance, you might have a loved one named to receive funds and now they have passed. What will now happen to those funds? Will they go to a minor or a young adult who cannot manage the funds? Make sure and plan for any scenario. 


Secondly, the naming of an executor, trustee, or power of attorney are important decisions. The named individuals are in charge of your estate during your lifetime or after your passing. Naming based on age is not always the best answer. The named individuals should act in your best interest so appoint whoever is best for the job and can handle the responsibility.


Last, but not least, failing to fund your trust and set up beneficiaries are very common. Making sure that your assets are titled in your trust or have beneficiary designations are extremely important to avoid probate and follow your wishes of your estate plan. We recommend that you get proof directly from the financial institution that your changes have been noted on your account. 


Of course, the biggest pitfall of all is not to have any estate planning documents. We recommend that you find an experienced attorney who can guide you through the process. You can find many free educational resources on our website at www.rhodeslawpa.com. Please feel free to contact our office for a free consultation at 321-610-4542 to talk about setting up your plan and get the peace of mind of knowing you can avoid the estate planning pitfalls which might affect you or your loved ones. 

You might also like

Worried About Your Medicare Benefits?

11 Apr, 2024
Are you worried if your Medicare benefits are enough to cover your medical expenses? As a senior citizen living in Melbourne, FL, you may be concerned about whether or not your current Medicare plan provides adequate coverage for all of your healthcare needs. With the rising cost of medical care and the complexities of navigating the different types of Medicare plans available, it can be challenging to determine if you have the right coverage. If this sounds familiar to you, there is no need to worry. You can take control of your healthcare by consulting with an experienced and knowledgeable Medicare attorney. Why Should You Consider Consulting a Medicare Attorney? A qualified and reputable medicare attorney will help you navigate through complex laws governing various aspects of insurance regulations that affect seniors' health care. The best attorneys have years of experience working with clients just like yourself who want peace-of-mind knowing they are receiving proper healthcare coverage from their insurance carrier. Your medicare attorney will review every aspect of your health care policy so that they can provide legal guidance on how best to proceed when filing claims or appealing denied claims. They'll also make sure that any new changes made by Congress do not negatively impact seniors' access to quality health care services under their existing policies. The process is simple – consult with an experienced medicare lawyer today who will guide you through everything step-by-step so that nothing slips through the cracks! How Can a Medicare Attorney in Melbourne, FL Help You? A medicare attorney can help you understand the different types of Medicare plans available and which one is best suited for your needs. They'll review your current plan to ensure that it covers all necessary medical expenses. If you have been denied coverage or benefits under your current plan, they will work with you to appeal the decision and fight for what's rightfully yours. This can be especially important if you're facing high medical bills that could otherwise leave you financially drained. In addition to providing legal guidance on healthcare policies, a medicare attorney can also help seniors with other related issues such as estate planning or asset protection strategies. Don't Wait Until It's Too Late! Contact a Medicare Attorney Today Don't wait until an emergency arises before seeking assistance from Rhodes Law, P.A. . By taking proactive measures now, you can rest easy knowing that your healthcare needs will be taken care of when the time comes. Contact us today at (321) 610-4542 for a consultation so we can guide you through every step of the process!

Designating a Healthcare Surrogate

06 Mar, 2024
Understanding the Importance of Designating a Healthcare Surrogate As we age, it's important to plan for the future and ensure that our medical wishes are met. One way to do this is by designating a healthcare surrogate who can make decisions on your behalf if you become incapacitated or unable to communicate. Without a designated surrogate, family members may have difficulty making medical decisions during an emergency. Unfortunately, many people don't consider designating a healthcare surrogate until it's too late. This can lead to confusion and disagreements among family members during stressful situations. That's why it's essential to take action now and designate someone you trust as your healthcare surrogate. The Benefits of Designating A Healthcare Surrogate: - Peace of mind knowing that your medical wishes will be honored - Avoiding disputes among family members over medical decisions - Ensuring timely access to necessary medical treatment When considering whether or not to designate someone as your healthcare surrogate, think about what would happen if you were unable to make decisions for yourself due to illness or injury. Who would make medical decisions on your behalf? Would they know your preferences and wishes? By designating a healthcare surrogate, you can have peace of mind knowing that someone you trust will be making medical decisions for you. This person will also have access to your medical records and be able to communicate with doctors on your behalf. Additional Benefits: - Avoiding court-appointed guardianship proceedings - Ensuring that the right person is making important medical decisions How to Designate A Healthcare Surrogate With The Help of an Elder Law Attorney Designating a healthcare surrogate involves creating legal documents such as an advance directive or living will. These documents outline your wishes regarding end-of-life care and designate someone to make medical decisions on your behalf. To ensure that these documents are legally sound and enforceable, it's essential to work with an experienced elder law attorney who understands the intricacies of this area of law. If you're interested in designating a healthcare surrogate, reach out to our team at Rhodes Law, P.A. today at (321) 610-4542 . With the help of an experienced elder law attorney like Ruth Rhodes you can rest assured knowing that your future medical needs are taken care of.

Who is Ruth Rhodes at Rhodes Law?

08 Feb, 2024
Are you in need of a reliable and experienced attorney in Melbourne, FL? Look no further than Rhodes Law. Led by attorney Ruth Rhodes, our law firm specializes in various areas of law, including estate planning, mediation, medicare planning, asset protection just to name a few. We are dedicated to providing our clients with the best possible outcome in their case. About Ruth Rhodes Ruth Rhodes is a board certified elder law attorney who has more than 23 years of experience working in the legal field with more than 15 years as a practicing attorney. She graduated Valedictorian from the College of Law at Florida A&M University, and has since then been committed to serving the legal needs of individuals. Her passion for justice and helping others drives her work as an attorney. Experience: As an experienced attorney in Melbourne, FL, Ruth's passion is to share her knowledge and experience in helping her clients with planning to meet their individual and family needs whether that is through Estate and Medicaid planning, Asset Protection, Probate or Trust Administration, Guardianship, Guardian Advocacy, or assisting them with maneuvering through the Court system. Dedication: At Rhodes Law, we understand that every client's situation is unique. That's why we take a personalized approach to each case we handle. Our team takes the time to listen carefully to your concerns and goals before developing a strategy tailored specifically for you. Schedule A Consultation If you are in need of legal representation or advice in Melbourne, FL - don't hesitate to contact us at Rhodes Law . We offer consultations where we listen carefully to clients' concerns before offering legal solutions that meet their needs. Contact us today at (321) 610-4542 to get started!
More Posts
Share by: