When it comes to estate planning, many people do not realize how important the process is. Some people think that estate planning is only for those who are really wealthy, when the truth is that everyone needs to have an estate plan of some kind. If you are new to estate planning, you should know some of the mistakes to avoid, so you do not run into problems later:
Not Creating a Will
Creating a will is one of the first things you will do in estate planning. A will is a very simple document that states what you wish to happen to your personal assets, plans for your children if they are minors when you pass away, and plans for any dependents you have at the time. You should indicate in your will all the instructions you want once you pass away. This includes your funeral plans, what to do with your home, or even what to do with a beloved pet.
Failing to Have an Attorney
While you can do some of your estate planning yourself, it is highly advisable that you have an estate planning attorney to help guide you through the process. While you can easily type up a will, you need to be sure the will is actually enforceable. If the will cannot be executed because you did not include the necessary legalities, the will is considered void.
Failing to Reevaluate the Estate
Estate planning is not a one and done process. You have to check in with your estate plan every now and then to update any major changes in your life. Whether you get married, have a child, buy a home, or suffer an illness, you should have your attorney reevaluate your estate to include new assets or make changes to existing plans you have. You also need to include new dependents as they enter your life, whether it is a child or another person you legally provide for. You can also make changes to your beneficiaries by adding or removing anyone you choose.
Being Dishonest With Your Estate Attorney
When you work with an estate planning attorney, you have to be honest. Your information should be accurate and complete when you plan your estate. If you are not honest for any reason, there will be conflict among those left behind when it comes time to execute the estate plan. If you withhold details, you could ultimately devalue the value of the estate.
To learn more, check out a website like https://www.linskylaw.com.
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