Simple Mistakes to Avoid in Estate Planning

Posted by on Jul 2, 2017 in Estate Planning | 0 comments

Estate planning is the development of a plan on what will happen to your assets in the event of your incapacitation, or worse, death. This may involve a variety of things, like stating the rightful heirs to specific assets and the handling of estate taxes.

According to the website of the Arenson Law Group, making an estate plan can be frustrating and difficult because of complex tax and state laws. Before you dive into the complicated world of estate planning, here are some simple things you should avoid.

Not having an estate plan at all

Before anything else, it is important to point out that not having an estate plan at all is the biggest estate plan mistake you can commit. Without even an estate plan, you are not properly securing your properties and their heirs, not to mention that you are giving the possibility of disputes between family members and other parties.

Not getting the help of professionals

You can see a lot of estate planning help online. You are reading one right now. But this doesn’t mean that you can create a plan by yourself. Hiring a professional to do it for you is important, because online, you will never have the advantage of having a plan specifically arranged for your situation, as what you will mostly see on the internet are general guidelines.

Not acting immediately

You will never know when a bad thing will go your way. You may be involved in an accident that may seriously incapacitate or even kill you. If you don’t act now to at least meet a professional to help you get started with your estate plan, you might lose out.

Even if you already have an estate plan, this advice still stands. Always update your plan whenever necessary, like during births and deaths of family members and divorces from spouses.

In summary, the thing you should avoid in estate planning is procrastination. Don’t be too confident living without an estate plan. Don’t make one on your own. Be assertive enough to act on time. If you do these things, you are already halfway from a good estate plan, even though you technically haven’t started.

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