Blog Layout

Top 5 Mistakes to Avoid When Creating an Estate Plan in Long Beach, CA

Simon Mckinsey Miller & Stone • October 28, 2024

Creating an estate plan is one of the most important steps you can take to protect your assets and ensure your loved ones are cared for according to your wishes. However, the process can be complex, and there are common mistakes that many people make. At Simon, Mckinsey, Miller & Stone, our estate planning lawyer in Long Beach, CA helps clients avoid these pitfalls to ensure a smooth transition of assets.

Happy couple

1. Not Having an Estate Plan at All

The biggest mistake you can make is failing to create an estate plan in the first place. Without a plan, your assets may be distributed according to state law, which may not align with your wishes. This can also result in lengthy probate processes and unnecessary expenses for your family. Working with an estate planning lawyer in Long Beach, CA ensures that your assets are managed and distributed according to your specific intentions.

2. Failing to Update Your Estate Plan

Life changes, and so should your estate plan. Whether it’s a marriage, divorce, birth of a child, or a significant change in financial status, it’s important to update your estate plan to reflect your current situation. Neglecting to do so could result in unintended beneficiaries or outdated financial information. Regular reviews with your attorney ensure your estate plan remains relevant to your current life circumstances.


For more information on keeping your estate plan up to date, visit our estate planning services page.

3. Overlooking Digital Assets

In today’s digital world, many people overlook their digital assets when creating an estate plan. This includes online accounts, social media profiles, and cryptocurrencies. If you don’t include instructions for how to handle these assets, your family may face challenges accessing or managing them after you’re gone. A comprehensive plan should include directions for your digital assets to avoid any complications.

4. Not Naming a Backup Executor or Trustee

While you may have a trusted individual in mind to manage your estate, it’s always a good idea to name a backup executor or trustee. Life is unpredictable, and the person you choose may be unable or unwilling to serve when the time comes. By appointing a backup, you provide a safety net and avoid potential delays in the management of your estate.

5. Failing to Plan for Taxes

One often overlooked aspect of estate planning is tax implications. Without proper planning, your estate could be subject to significant taxes, which could reduce the amount passed on to your heirs. Consulting with an estate planning lawyer in Long Beach, CA ensures that your estate plan includes strategies to minimize estate taxes and maximize the amount your beneficiaries will receive.

Secure Your Legacy Today

At Perspectives Inc.,

Ready to Transform Your Space?

Avoiding these common mistakes is essential for a smooth estate planning process. At Simon, Mckinsey, Miller & Stone, we offer comprehensive estate planning services in Long Beach, CA to help you protect your assets and ensure your wishes are honored.


Call now for a consultation at (562) 421-9354 or contact us online to get started on creating or updating your estate plan today!

Seniors

Designing Your Path to an Empowered and Independent Retirement

By Simon Mckinsey Miller & Stone • November 13, 2024
Traditional programs like Social Security and Medicare may no longer be enough in a world where financial stability and robust healthcare are essential for a secure retirement. As retirement planning shifts, so must our approaches to ensuring our later years align with our aspirations. Picture having the financial security to manage life’s after-stages without worrying about unexpected medical expenses or income shortfalls. This article explores modern strategies for creating a customized safety net that goes beyond the conventional, offering insights to help you achieve a more secure and fulfilling retirement.
Two women are serving food to a woman at a table.

Building a Legacy That Lasts: Meaningful Ways to Make a Positive Impact

By Simon Mckinsey Miller & Stone • November 13, 2024
In a world where fleeting moments often overshadow lasting impact, have you ever pondered the true meaning of legacy? Beyond the tangible assets and wealth we leave behind, lies a deeper, more profound opportunity to shape the world for those who will follow in our footsteps. A legacy isn’t just what you pass down; it’s the change you spark and the future you help mold. As we explore the various ways one can craft a meaningful legacy, you’ll discover how your passion and vision can resonate through time, touching lives and transforming communities.
Senior citizens

Splitting Time: The Smart Approach to Dual-Nation Retirement

By Simon Mckinsey Miller & Stone • February 23, 2024
Retirement planning adds complexity when splitting your future between the US and another country. This guide from Simon, McKinsey, Miller & Stone delves into the essential aspects that immigrants and expats must consider to ensure a seamless and secure transition into retirement. Focusing on financial stability and personal well-being, this roadmap aims to navigate the unique challenges and opportunities of retiring across borders.
Office setup

Data Governance is a Small Business Imperative: Here’s How It Works

By Simon Mckinsey Miller & Stone • February 9, 2024
In the evolving landscape of the digital age, understanding data governance has become a cornerstone for the success of small businesses. As data emerges as a critical asset in the business world, its effective management transitions from a mere necessity to a strategic priority. This article —courtesy of Simon, Mckinsey, Miller & Stone — delves into the essence of data governance, breaking down its fundamental aspects and underscoring its paramount importance for small enterprises aiming to flourish amidst a data-dominated era.
Retirement planning

Charting Your Course: A Roadmap to Retirement for Young Adults

By Simon Mckinsey Miller & Stone • August 23, 2023
Simon, Mckinsey, Miller & Stone is staffed by experienced personnel in all estate planning matters probate and business formation. Contact us today for more information!  (562) 421-9354 
Senior woman thinking

How Seniors Can Become House Flippers

By Simon Mckinsey Miller & Stone • March 29, 2023
As you head toward retirement, you may be looking for fun and exciting ways to spend your golden years. House flipping may be the ideal business choice because it combines business savvy with skillful home renovations and a little bit of entrepreneurship. Whether you want to flip houses as a side gig or become a full-time house flipper, here are some tips from Simon, Mckinsey, Miller & Stone about how you can make it happen.
Mother and son

Steps to Take When a Family Member Is Diagnosed With a Terminal Illness

By Simon Mckinsey Miller & Stone • July 28, 2022
Learning that you or a member of your family has a terminal illness is very difficult. While you are grappling with the emotional challenges of this news, it's also important to think of the practical implications. While it can be tough, addressing some administrative points sooner rather than later can be useful. You and your family can then enjoy your remaining time together without added stress. Here are some steps to take to simplify matters.
House with pool

Here’s Some Advice for First-Time Vacation Rental Investors

By Simon Mckinsey Miller & Stone • November 12, 2021
It’s a great time to grow your wealth by investing in vacation rentals. The global vacation market is worth over $87 billion and it managed to weather the COVID pandemic much better than hotels. As a first-time investor, you need to prepare before diving in.
Old car

How to Make Extra Income as a Retiree

By Simon Mckinsey Miller & Stone • May 24, 2021
Learning to live on a fixed income can be difficult for retirees, so it is important to plan and budget. However, if you have the time and capacity, earning a little extra can be a great way to boost your bank account. And you don’t have to commit to a nine-to-five to bring in additional income. If this sounds like the makings of a great way to spend retirement, law firm Simon, McKinsey, Miller & Stone offers some ways you can bring in more money.
Taking care of senior

Experiencing Financial Challenges in Retirement? Take These Steps to Best Manage Your Situation

By Simon Mckinsey Miller & Stone • April 21, 2021
Facing financial difficulties is stressful at every stage of life. In retirement, these challenges can be even harder to overcome. When living on a fixed amount and having fewer opportunities to earn additional income, many individuals become understandably overwhelmed by their circumstances. If you find yourself facing financial hardship in retirement, there are effective strategies that you can use to improve your situation. Experts with Simon, McKinsey, Miller & Stone offer tips that will help you turn your current financial picture around for the better.
More Posts
Share by: