Avoid Common Mistakes in Estate Planning
While it’s important to create your estate plan, it’s essential to create one that avoids common pitfalls and mistakes. After all, you don’t want to go through all the time it takes to create a plan to protect your loved ones, only to see it riddled with mistakes that end up causing them stress and headaches in the end. Creating an estate plan allows you to do this with the least tax liability for your beneficiaries and reduces the risk of estate disputes between your heirs. Not only can well-prepared estate planning documents help maximize the value of your estate, but the process of working with an estate planning lawyer gives you the opportunity to discuss important decisions.
Below is a list of common estate planning mistakes:
- Not planning – Whether you have estate planning documents in place or not, your loved ones will handle your final affairs. At a time when so much can feel uncertain, knowing there is an estate plan can bring peace of mind.
- Not chatting with family and friends – Many people do not discuss their estate plan with those who are involved in making important decisions and who are affected by the distribution of assets, such as named beneficiaries, executors and someone with power of attorney. The benefit of keeping everyone informed is that it will help minimize confusion and provide clear guidelines on how you want your assets managed.
- Do not change beneficiary information – If the beneficiaries of your life insurance policy, investment accounts and retirement accounts are not reviewed regularly and kept up to date, proceeds could go to someone you did not expect. like your ex-spouse.
- Forget Power of Attorney or Health Representatives – You’ve probably heard of the nightmare that can occur when family members disagree on what to do with a loved one on life support. All 50 states allow you to express your medical treatment wishes and appoint someone to communicate with you in the event of incapacity. Depending on the state, these legal documents are called living wills, medical directives, health care proxies, or advance health care directives. On one of these legal documents, name someone you trust to follow your wishes.
It can be a bit overwhelming, especially if you’re just beginning your estate planning. We advise that having an attorney experienced in estate planning can provide a sense of understanding and security. At DAL Law Firm, we can help you navigate the planning process and make the best decisions for you and your family. Call or text us today at (206) 408-8158. We look forward to helping you.
19803 1st Avenue S.
Normandy Park, WA 98148
Such. (206) 408-8158
F (206) 374-2810
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