Estate planning is important because it helps you to protect your assets and your loved ones. If you don’t have a plan in place, your assets could be divided up in a way that you don’t agree with and your loved ones could end up fighting over them. A good estate plan will help to avoid all of this.
4 Common Mistakes in Estate Planning
People usually make mistakes with their estate planning when they are not prepared. They might not have talked to their family about what they want to happen, or they may not have put together a plan at all. As a result, they can end up making decisions that can be costly and difficult for their loved ones. By knowing what the most common mistakes are, you can avoid them and make sure your estate planning is done right.
- One of the most common mistakes people make is not having a will. A will is a legal document that outlines your wishes for what should happen to your property and possessions after you die. If you don’t have a will, the state will decide how to distribute your assets, which may not be in accordance with your wishes. It’s important to have a will in place so that your family knows your wishes and can carry them out.
- Another mistake people make is not naming a beneficiary for their life insurance policy. If you die without naming a beneficiary, your life insurance policy will go to your estate and be subject to probate. Probate is a lengthy and expensive process, so it’s important to name a beneficiary so that your life insurance policy can be paid out quickly and easily.
- People also make the mistake of not setting up a trust. A trust is a legal entity that can hold assets on behalf of another person. Trusts can be used for a variety of purposes, such as avoiding probate or minimizing taxes. If you have a trust, you can make sure that your assets are distributed according to your wishes.
- Finally, people sometimes make the mistake of not updating their estate planning documents. It’s important to review your documents regularly and make sure they reflect your current wishes. If you’ve married or divorced, had children, or made any other major life changes, you’ll need to update your documents. Otherwise, your estate might not be distributed the way you want it to be.
No one likes to think about death, but it’s important to have a solid estate plan in place just in case something happens. Unfortunately, many people make common mistakes when creating their estate plans that can end up costing them and their loved ones dearly. If you want to ensure your assets are distributed the way you want after you die, it’s best to speak with an experienced estate planning attorney today. We can help you avoid costly mistakes and create a plan that will protect your loved ones long into the future. Give us a call today for more information or to get started on your estate plan!
Are You Looking for an Estate Planning Law Firm You Can Trust?
Probate law is a complex area of the legal profession that can be difficult to understand. At GillespieShields, our probate & estate planning attorneys have extensive experience in estate planning and will work with you towards an amicable resolution. 27 years of experience in estate planning and probate law means that our attorneys have helped many families navigate the legal system without any problems. We work with clients to find solutions for their reasonable goals, paying close attention along the way so they can feel confident about what’s happening legally throughout all stages of the process! Estate planning can seem like an overwhelming task, but it doesn’t have to be. With just a little time and effort you will find yourself prepared for anything that may come up! The best part about working together? All of our estate plans are customized with love by our talented team of lawyers! During our private, one-on-one consultation, we’ll take the necessary time to answer any and all of your questions surrounding Arizona’s estate laws, your family’s unique situation, and how you can preserve your wealth for the next generation. Contact us today for your consultation!
The materials available on this website are for informational and entertainment purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. You should not act or refrain from acting on the basis of any content included in this site without seeking legal or other professional advice. The information presented on this website may not reflect the most current legal developments. No action should be taken in reliance on the information contained on this website and we disclaim all liability in respect to actions taken or not taken based on any or all of the contents of this site to the fullest extent permitted by law.