Estate planning is an important and intricate process. It is vital to ensure that all of the documents you need to protect your estate are in order and that your loved ones are protected. Don’t let simple mistakes thwart your plans for your estate.
The following is a list of common, but easily avoidable mistakes to be aware of when planning your estate.
- Not consulting with an expert – For those who wish to do so, there are online sites that can assist you with constructing your own wills and other documents. However, only an experienced and knowledgeable expert can tell you if everything is in order. There are a number of legal and technical aspects to estate planning documents and simple mistakes can have dramatic effects. Let an expert review your documents for accuracy.
- Forgetting about your business – If you own a business, it is vital to include it in your personal estate plan. Don’t let the business you’ve worked so hard to build fall apart due to lack of planning. It’s a vital part of your estate.
- Lump sums – If you are leaving a large amount of money to an individual, help to protect that money with a trust. A trustee would be responsible for managing the property and ensuring it is distributed to your beneficiaries as you desired. It helps to protect the property and the beneficiary.
- Failing to update your estate plan – Once your estate plan is in place, it needs to be refreshed as your family situation or the laws change. An out of date estate plan will prove to be almost useless if your living situation, finances, or even the laws are significantly different. Make sure that your documents are reviewed as needed to stay relevant and useful.
Ensure that you don’t make these common mistakes that will endanger your estate planning efforts. Offer yourself and your family the peace of mind in knowing that your documents are proper and up to date. We invite you to contact us and let the experienced estate planning attorneys at Alexander Law Firm ensure that your estate is properly planned.