While creating an estate plan, it is common to commit specific errors. However, if you hire a Monroe estate planning lawyer, your work will be done effortlessly, keeping in mind all the legal aspects of property laws.
Below are a few common mistakes you might commit and how you can avoid them.
Lack of proper planning
The most common mistake that you can make while making an estate plan is to take time and plan it properly. Not planning your estate correctly basically means that you are risking your financial future. It is essential that you take some time and properly review your plan before making any decisions
Lack of discussion with family and friends
It would help to discuss all the essential aspects of your estate planning with your family and friends. There are boundaries to this. However, discuss whenever there is an opportunity so you can get possible advice from them.
Neglecting power of attorney
Naming a power of attorney may be medical or financial, and is very necessary. If you do not wish to do so, you can have standalone documents that state the appointment of a trusted person that can make financial and medical decisions on your behalf.
Avoiding future aspects
If your kids are young, you must consider how their guardians must spend your assets and whether you want them to take full or partial care of your kids. It is also essential that you feel at what age you want your kids to get the inheritance. It can be based on their age, marital status, or graduation.
Ignoring estate taxes can create many problems in your entire estate holdings. You must have a complete idea about your taxes and understand their limits before writing any will or trusts.
Having an unsecured estate plan
Having an estate plan on its own would not be of your use if your heirs cannot find it. It can be complex for them to gain access to it in the future if your plan is not secured. Ensure that you keep all the essential documents in a safe place that your trusted family members are aware of.
Not updating your plan continually.
Estate planning is not a create and forget the plan. You need to keep it updated every time any significant changes happen in your life. These changes include marriage, divorce, death, or the birth of a child in the family. In addition to this, you must review your plan every 3-5 years.
Creating an estate plan is an essential thing to do for you and your loved ones. However, do not let your plan get into trouble due to these avoidable mistakes.