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Avoidable Estate Planning Mistakes To Know
Henry Jennings
Estate planning is one of the most responsible actions you can take in your lifetime. However, mistakes made in your planning could have serious consequences for your heirs and estate. To help you avoid costly mistakes with your estate, here are some commonly made errors and possible actions you can take to avoid them.
Failing to Review Probate Avoidance Options
There is a misconception that only people who have considerable assets need to worry about probate. In actuality, probate could be an issue for anyone with any assets. Unfortunately, probate can significantly slow down how quickly your executor is able to distribute the assets to your beneficiaries.
Depending on the state in which you live, your beneficiaries could be forced to wait weeks or even months to receive their inheritances from your estate. Probate is also costly and could take away from what you plan to leave your friends and family.
To prevent this, you need to work with an attorney to learn what probate avoidance options are available to you. Simple steps, such as opting for payable-on-death accounts, could help prevent an unnecessary delay in the probate court.
Leaving Out a Living Will
When it comes to estate planning, some people only consider what happens to their assets after they have died. However, estate planning should also include such areas as creating a living will. A living will can take a difficult decision out of the hands of your loved ones. It can also ensure that your wishes are being respected.
Without a living will, there could potentially be a court battle regarding whether or not you should receive medical treatment in possible life-ending situations. For instance, if you suffer severe brain damage and your family is conflicted on what to do, you could be left to linger while relatives battle it out in court over who has the authority to make a decision.
By making a living will, you can designate under which scenarios medical treatment should and should not be given. With the legal document in hand, your family has no choice but to accept the decisions that you have already made.
Due to the vast range and complexity of estate planning, there are many other mistakes that could be made. To avoid them and ensure your planning is complete, work with an attorney, such as Patricia K Wood Atty. An attorney can help with every aspect of the planning, including creating a living will and establishing trusts.
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