Mistakes to Avoid When Planning Your Estate

Most people do not understand the importance of estate planning and often consider it a task they should look upon once they reach their retirement days or their twilight years. Well, it might seem grim to hear, but we never know when we will die. And if you don’t have some form of estate planning in place, you will have no control over what happens to your estate and assets after you are gone. On the other hand, if you prepared your estate plan, you can ensure that your estate will go to your heirs, next of kin and loved ones. Early estate planning even means saving on hefty taxes and administration charges. Knowing that your estate will go into the right hands will also give you peace of mind. It also removes a huge responsibility from the shoulder of your loved ones, as they won’t need to search for your estate documents and will have the time to mourn your loss and celebrate your life. With the assistance of an estate planning law firm and its experts, we are here to tell you which common mistakes you should avoid.

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You Are Not Updating The Beneficiary Designations Often

One of the biggest mistakes that people tend to make is once they create their estate plan with the help of estate planning lawyers, they fail to update it on a regular basis. It is crucial for everyone one with an estate plan to keep it updated. Why? It is because your estate should reflect your wishes in the current time and not your wishes years ago. It is also an excellent opportunity to add information, correct information and more.

Often people might forget who they have assigned as beneficiaries; therefore, it is good to review it. Forgetting to update it can cause quite a bit of confusion after your death. This situation may lead to your estate and assets not getting distributed properly.

You Forgot To Plan For Your Incapacity

When you grow older, as much as you don’t want to, you have to plan for your potential incapacity. When working with a proper estate planning law firm, they will tell you all about the importance of planning for your possible incapacity.

There are a few ways you can plan for incapacity:

  • Designate a healthcare surrogate who can appoint a person responsible enough to make medical decisions for you in case your potential in capacity. This person is typically a close family member, spouse, adult child or more.
  • Get a Durable Power of Attorney to select an individual responsible for managing your assets in case of your incapacity.
  • In case of guardianship proceeding requirements, have a Declaration of Preneed Guardian. This will name someone to function as your guardian.

These documents are crucial because, without them, the court might appoint someone completely different to be a decision-maker during critical times. And that person might not be the same individual you had chosen and will probably not be able to fulfil your wishes.

You Forgot About Taxes

Your estate planning and decisions can have tax implications, and you must consider them carefully. Particular assets in your estate plan can generate unintended income for your next of kin or heirs. When you are alive, you can make smart decisions, such as a Roth conversion. This will allows your heirs and beneficiaries to avoid certain taxes whenever they withdraw anything. You can discuss this with your tax advisor and your estate planning lawyer.

You Tried To Create A DIY Estate Plan

You should not DIY certain things, as making a mistake can have many consequences. Recently, there has been a rise in Do-It-Yourself estate plans which you can do without the guidance of an estate planning lawyer. As convenient as these DIY estate plans sound, they often fail to provide tailored information and instruction to assist your situation. Every family has their own unique circumstances and financial history, and to understand that, you need an experienced estate planning law firm and estate planning lawyers with you. It also does not guarantee that the estate plan you have created is even enforceable in court. With estate planning lawyers, you can rest assured that the entire process will remain legally valid and your wishes will be executed properly.

Find The Best Estate Planning Law Firm In Fort Myers

Are you searching for an estate planning lawyer in Fort Myers? You do not have to look any further than Hale Law Services. With a team of dedicated and experienced estate planning lawyers, we are determined to assist all our clients by delivering unparalleled dedication and service. Whether you require legal assistance with estate matters, wills, trusts, probate avoidance, or more in Fort Myers, Hale Law can help you. To learn more, contact us at 239-931-6767 or mail us at ned@halelawservices.com.

By |2022-12-02T01:39:34-05:00December 2nd, 2022|Estate Planning|0 Comments

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