Mistakes To Avoid When Estate Planning

Everyone makes mistakes. Sometimes, however, one mistake will cost you dearly. That is why you need to be very careful when you plan your estate. You cannot fix the error once you are deceased.

1) Updates

There is an episode of “Mom,” where Alvin fails to file the will that was updated before he dies. Bonnie and Christy end up losing money because of his failure. Please, do not make that mistake too. It might only be a tv show, but it does send a message. You need to update everything in writing. Someone in the family could lose something due to that procrastination.

Things like a new job and insurance coverage should be updated as it happens. You never know when something could go wrong.

2)Disability Counts

You are healthy now. What happens if you end up disabled or something? Not planning for a disability is a major issue that some people find themselves in. You need to plan for things like managing your finances, power of attorney, who takes care of your kids( if you have any) or not being able to take care of yourself.

You should plan for that if it happens. Life sometimes gets in the way. Sometimes you mean to do something and you forget. You never want to leave something to chance.

3)Who Is the Beneficiary and Why?

That can be a problem for some families. Some families start to show their true nature when a will is read. There could be multiple reasons why the family starts fighting that has nothing to do with the paperwork itself.

An Example

Say, for example, that someone in your family marries someone of the same sex. Some families will be against your uncle’s partner getting everything. The guy might be your uncle’s partner in life, but some families are very old-fashioned. They do not believe in same-sex marriage or marriage equality.

That is going to cause some major issues when it comes to the benefits. Some families will try to cut your uncle’s partner out without the proper legal documents to back up your uncle’s wishes. Families put on a brave face when the person is alive. The story changes when a person dies.

That is also a good reason to hire one of the more experienced wills and estate lawyers in your area. There will be someone who will try to challenge things. The person, unfortunately, makes it about them and not the deceased’s wishes.

4)Minors

You need to take everyone into account, including minors. What happens if the person dies before anyone expects. Do the kids get an equal share? What if one of the kids happens to be a minor? Will you designate someone to act as a legal guardian until they become “of age.”

5)Taxes

You might have to pay taxes on some of the assets. That will decrease the amount people get. That is why you need to be extra careful when diving money. Someone could get the short end of the stick due to taxes. What happens then? The family will get into arguments. According to studies, money is the leading cause of most issues and arguments than any other factor.

Plan ahead for taxes.

Visit David Page Law at http://davidpagelaw.com to speak with one of their wills and estate lawyers today to plan for your future.

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