5 Common Mistakes to Avoid
Estate plans are for everyone. It is common to think they are only for people with wealth. It provides several benefits and can help you maximize the value of your estate. This is very useful as you pass it on to your beneficiaries.
Here are some of the mistakes that you must avoid when acquiring an estate plan.
No actual estate plan – A major mistake is not acquiring an actual estate plan. It is essential to get an estate plan as passing away is inevitable.
A thoughtful estate plan may help place your assets and wealth in the right place after you pass away. This will ensure that your planner handles your financial and personal affairs well.
2. Outdated will – You must have an updated will. It ensures proper division of assets. There are a lot of changes that may occur for the next years. Thus, you can prepare for such changes with a will.
3. Not using a living trust – A living trust allows you as well as your spouse to transfer your assets to it. The trust gives you full control as the trustee and not as an individual owner.
A trust provides several advantages. It aids you in avoiding probate. After you pass away, your successor trustee can take over the assets and distribute it according to the agreement. This eliminates the delay and expense of the probate.
4. Relying on your will – Maintaining a will is pertinent. Nevertheless, relying solely on it is not advisable. A good estate plan can include key documents such as medical directive and special power of attorney.
In addition to these, the documents shall prevent a scenario where the court assigns an individual to manage your assets for you. You must execute the completion of these documents before you are no longer capable of doing them.
5. Selecting a incompetent individual for estate handling – More often than not, people who acquire estate planning select their spouses and children as their estate executor. However, this is sometimes unideal. There may be someone who can objectively handle demands and duties required from a guardian or trustee.
With this information in hand, we recommend that you avoid these mistakes. Furthermore, You must ask assistance from reputable institutions that offer assistance in estate planning. This will ensure your success when it comes to managing your assets.
Contact one of our compassionate & talented Lawyers to help you protect your family.