When you are ready to create an estate plan, you should be aware of the consequences of making a mistake. If you don’t hire or use an estate planning attorney’s services to help guide you through the issues of the process, you will be more likely to make a mistake that your family and loved ones will have to deal with after you pass away.
With the emotional toll of the death weighing on your family, you don’t want to make the situation even worse with estate planning speedbumps that may keep your wishes from being realized promptly. Keep reading to learn more about the most common mistakes that may be made here.
A common error people make when handling their estate planning needs is making sure the process remains private. While there are several details you may not want to disclose, things like where your estate plans are located and who is given proxy if you become incapacitated are not among these things.
If you do not let the people who will use the estate plan know about it, then what’s the point in even having one. You must feel comfortable with who you have appointed as a trustee, your personal representatives, and your Powers of Attorney. These are the agents that will be acting on your behalf and need to know about your plans.
This requires you to have a fundamental understanding of people in your life who would be best equipped to handle the individual tasks requested in your estate plan. You must know who can best represent your wishes and take on the responsibilities of making decisions for you if you can’t on your own.
You can choose the person best for the job. Keep in mind, though, whoever you name will have a lot of power over your finances and your person. If something happens to you, you want to ensure you have chosen someone who is 100% trustworthy. Try to find someone who is not only trustworthy but also organized, local, and good financial sense.
As time passes, the circumstances of your life may change. If you started the estate planning process earlier in your life, when you were single, you may need to make changes after getting married and having children. You need to account for your current life in your estate planning documents, which means updating your estate plan often may be required.
When it comes to your estate plan, you need to think carefully about the details of your life. This will help you figure out what you want to do and who you want to include in the documents. In most cases, it can help you work with an attorney who will help you get your estate plan outlined perfectly based on your wants and needs. Being informed is the best way to ensure the estate plan suits your needs.