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Armando Patino, LUTCF®, FSCP®
Financial Advisor
Prudential Advisors
1 Tower Center Blvd, 16th Floor
East Brunswick, NJ 08816
Phone: 908-368-1588
Cell: 201-290-1941
September/October 2025
Don't Miss a Step
If you think of estate planning as something that is necessary for only the very wealthy, it might surprise you to learn differently. From keeping an updated will to having healthcare and legal powers of attorney, estate planning is so much more. And with all the paperwork involved to ensure your loved ones inherit what you intend, it's easy to miss a step or two that can create an estate planning nightmare. Fortunately, there are some missteps you can avoid when you know what to look for. Here are a few tips:
Even-Steven
An estate plan may include tax-saving strategies, but its basic intent is to govern how your assets are distributed when you're gone. Many estate plans are designed to help ensure that heirs receive the exact same percentage of assets. That works when you're distributing cash. It doesn't if you have to split Grandma's brooch or Grandpa's handmade chess set three ways. Once you decide how these types of assets are to be distributed, you might gift them while you are still alive or add specific language to your will.Match Assets
Life insurance policy proceeds, IRAs and other retirement accounts are distributed to designated beneficiaries, not via your will. Another reason to not include this information in a will is the public glare of probate. Placing your assets in a trust, can avoid this public exposure.Review Regularly
Whether dealing with beneficiary-linked or will-directed inheritances, make it a practice to review your designations and will at least annually. Divorces, remarriages, blended families, new family members and family deaths can create the need to redo beneficiary designations and change the terms of a will or estate plan.Talk to an estate planning attorney to draft proper documents for your situation. Your financial professional can provide information about how life insurance may help with your estate planning strategy.
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