Failing to plan your estate while alive can hurt your family and loved ones when you die. It will make the transfer of your assets difficult, a family scuffle may ensue, and there may be multiple lawsuits from individuals who feel they are entitled to a portion of your estate. This is definitely something you wouldn’t want to happen if you were alive.
To some people estate planning is all about creating a will that holds your wishes regarding your assets. This emotional block to estate planning can affect your plans, protection of your assets as well as your beneficiaries. To stay clear of estate planning mistakes, contact an estate planning lawyer.
Emotional blocks to estate planning
You can plan your estate yourself
Estate preparation is not one of those DIY challenges. You will surely need the help of an expert if you want a top-notch estate plan. If you decide to plan it yourself, you could make certain mistakes that could jeopardize your estate plan. So be wise.
Last Will and testament is all you need for estate plans.
This is another myth that is misleading and could be very costly. A will is a legal document that instructs how your property would be shared after your death. It allows you name an executioner, who would oversee the implementation of the will and also through probate process. It is however important to note that certain assets may sit outside your Will and that your will does not cover other areas of your life while you are still alive
Estate planning is not all about property and asset distribution.
Estate plan is not just about distributing properties. It deals with other important matter that are intimately personal. Incapacity planning is an area of estate plan that details with more than just managing assets during or after one’s lifetime.
My estate is not big enough so I don’t need to plan.
This is the most common myth about estate planning. Often, people believe that estate planning only benefits the extremely wealth, but this is so far from the truth. The reality, however, is that you need an estate plan no matter how much property you have.
I don’t need to revisit and review my prepared estate plans.
Around 55% of Americans die without creating a will or an estate plan. In addition, 72% of those who have begun the process often fail to update their will. When it comes to creating an estate plan, or updating your current plan, there exist no better way to make choices than to acknowledge the facts.
One mistake could prove costly and debunking this misleading myth would help prevent that. Life changes, laws changes and so also estate plans should be revised to fit these new changes. Estate planning is never a once and settled thing. With the help of an estate planning attorney, you can constantly revisit and upgrade your estate plans.
Bottom line
Due to the nature of an estate plan, and how complicated it can be, you may need the help of an estate planning attorney when planning your estate. An estate planning attorney is an expert in the estate planning process. You stand to benefit a lot if you contact one when planning your estate. They are experienced, familiar with loopholes in the estate planning process, they know the court processes well, have important resources at their disposal, and can offer you the best advice when you need one.
Estate planning lawyer
Estate planning mistakes exist. Sometimes these mistakes alter the intent of the estate owner regarding his or her estate. The main purpose of an estate plan is to mirror the wishes or intentions of the estate owner; an estate plan that doesn’t do this has failed. To avoid unnecessary mistakes it is best you contact a professional. Contact us, and we will provide you with the best estate planning lawyer near you for your estate plan.
