3 Common Estate Planning Mistakes A Lawyer Can Help You Avoid
Just as you need to plan for other major life events, you also need to plan for your eventual death. Don't assume that your loved ones will be able to figure everything out, as this isn't always the case. Without an estate plan in place, your loved ones may end up fighting over your assets, and this can lead to a lot of stress and heartache. That's why it's important to speak with an estate planning lawyer sooner rather than later. They can help you create a will and other documents that will ensure what you want happens after your death. But more importantly, an estate planning lawyer can help you avoid common mistakes that many people make when it comes to estate planning. Here are three common estate planning mistakes that an experienced lawyer can help you avoid.
1. Over Taxation
One of the biggest mistakes you can make when it comes to your estate is not being mindful of the taxes that will be owed. If you're not careful, a large chunk of your estate could end up going to the government in the form of taxes. A lawyer can help you minimize the amount of taxes that your estate will owe the government. They can do this by creating trusts and other financial vehicles that can help reduce your tax liability.
2. Not Planning for Incapacity
If you become incapacitated, who will make financial and medical decisions on your behalf? This is something that many people don't think about when they're creating their estate plan. But it's important to have a plan in place in case you become unable to make decisions for yourself. An estate planning lawyer can help you create a power of attorney that will allow someone you trust to make decisions on your behalf if you become incapacitated.
3. Wrongful or Unintended Inheritance
Another mistake is leaving your assets to the people you never intended to. You may want to leave your estate to your spouse and children, but if you're not careful, it could end up going to someone else. This can happen if you don't have a will in place or if your will is not properly executed. An experienced lawyer can help you create a will that clearly states who you want to inherit your assets, when, and in what manner.
Estate planning is a complex process, but it's well worth the time and effort. By working with an experienced estate planning lawyer, you can avoid common mistakes and ensure that your assets are distributed in the way that you want them to be. For more information on estate planning, contact a professional near you.