Transferring Wealth: 4 Major Mistakes People Make in Their Estate Plans
Monday, February 27, 2017, 6:00 AM | Leave Comment
Although they do not know how to do it or even start, most people want to get their estate planning started and finished as soon as possible.
It is also common among people engaged in estate planning to struggle completing it because it gets pushed lower on the list of important things by more pressing matters.
Below, you will find the four biggest and most common estate planning mistakes lawyers frequently see from ordinary people.
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Thinking You Have Ample Time to Complete It at a Later Date
Most people tend to put things on the back burner because they think they have time to do it.
According to On Wall Street’s article about mistakes related to estate planning, procrastination is perhaps the number one estate planning mistake.
It is a mistake to avoid estate planning because it has more to do with your circumstances and decisions while you are alive.
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Believing Lawyers for Estate Planning, Along with Plan, Are Too Expensive
Usually, completing an estate plan will run you between $500 and a $1,000. It is not that much money to complete an important legal process.
If you fail to get it done, when you pass away, your family will have grief, legal battles and around triple the price to cough up for guardianship hearings in order to handle your wishes and settle the estate after your passing.
Finding a firm in your area similar to Donald B. Linsky & Associate PA can connect you with legal professionals with expertise in estate planning.
You need to be searching for a firm with both Trust and Will attorneys available to answer questions, plenty of experience and the opportunity for a free consultation.
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Keeping the Same Estate Plan for Decades
There are people who get their plans done early on, and they forget about it. Our circumstances and lives will changes over the years. If your situation has changed, your plan should change too.
Also, you may have named people in your plan for different capacities you no longer find suitable or alive. Keep tabs and change your plan accordingly if you have to.
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Not Speaking with the People You Name as Representatives
A common and big mistake is when people formulate an estate plan, but they do not talk to the other people they are making their reps.
It could be someone assigned a large role they are unwilling to accept. People can deny serving in a role in your estate plan, and the law will uphold their right to decline.
It is important to straighten the roles out and get consent with all parties prior to completion of the plan.
Now that you have seen the most common mistakes, you can avoid them. It is especially important to take proactive steps in order finishing your estate planning because they are the biggest mistakes too.
Your lawyer or lawyers will help you through every step of the procedure.
Finish the process and periodically check in on it to prevent problems from arising related to the third section. This is a vital document for your surviving family and friends.
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