Now estate planning is very important; without one, your loved ones may have to go through tedious legal actions after your death, and your final desires may not be accepted by intestate laws andstate validation. Actually, the most common mistake made when planning their properties is not taking the time to plan. To make sure your last wishes are recognized, speak with a Saint George Estate Planning Attorney and start planning for the safety of your loved ones now.
The following is a shortlist of common estate planning mistakes that the customer should be aware of when engaging in any form of estate planning. for more tips about Estate planning visit https://www.metarealestatetools.com/5-estate-planning-tips-for-2021/
Lacking Plan to Control Financial and Property Matters during Disability
Very little time is spent addressing how most properties will be managed for the advantage of the client while they are disabled. Most estate plans focus mainly on how properties will be divided among the heirs.
An excellent estate plan must spend the same amount of time addressing how you should be cared for as well as how your estate should be managed whether you can no longer manage it on your own. This aspect of planning can be much more helpful than who gets what provisions.
Thinking Children Do Not Need Inheritance Protection
Most people think that providing a lump sum of cash to their heirs is the right method, perhaps as it is free from red tape or other hassles. But, have you actually thought about what an 18-year-old is possible to do with a considerable sum of cash?
Would not it be pleasant to be able to protect the inheritance of your child from a divorced spouse or even from creditors? It is potential and actually,it is one of the best benefits you can bring to your child, with few conditions.
Failure to Adequately Protect Both the Children and the Spouse in Mixed Family Relationships
Unluckily, too often I am approached by somebody who is having a hard time figuring out what has happened to a parent’s estate.Because a surviving spouse from a second marriage or a child of that subsequent spouse does not share information, giving adequate accounts, or has completely disappeared with the properties.
Use an excellent trust plan and ensure there are acceptable remarriage restrictions as well as other protections in place to make sure everyone gets what you want.
Failure to Finance the Trust
I can’t stress enough how important this issue is. I see this problem over and over again. People go to a certain attorney, with the main resolution of saving money on a trust plan. What they usually obtain is a packet of papers and little else.
This package ships home stands on a shelf and is rapidly forgotten. Then when it comes time to manage the trust, the successor trustee discovers that there is no property in the trust and an estate must be started to transfer title to all properties to the trust. One of the same things we were trying to avoid by using trust planning first! Click here to learn more about finance the trust.
Thinking That Estate Planning Is an Event Rather Than a Process
It is vital that estate planning is viewed as a process and not actually a one-time event. Laws will vary, your properties will vary over time as well as your relationships will vary. All of these things should be taken into account in your succession plan. The documents you make now will remain fairly static, although your life path will be quite dynamic. Therefore, your documents should be reviewed regularly to make sure they still work for you the way you want them to.
I recommend that clients check at least once every three years. This appears to be about the time it takes on average for something to require to be addressed, be it a change in ownership of the property, a death in the family, a new account has been opened, or a change in the law that affects the validity of the estate planning. Don’t underestimate the necessity for a daily review.