Proper planning can help you avoid any of the following top 5 estate planning mistakes. Not only will this ensure your estate is passed on as you intended, it will help prevent disputes among family members..
Top 5 Estate Planning Mistakes
- Not Having an Estate Plan– Everybody needs to plan their estate. Do not make the mistake in thinking that you can hold off and wait a few more years. Planning the distribution of your assets will actually make the after-death process easier on your loved ones, and can also help them avoid delays in receiving your assets.
- Failing to Fund- Do not forget to fund your revocable trust. This means you need to title all your assets into your trust. If you fail to fund, a probate proceeding must occur to at least have the assets transferred into your trust. This will add an unnecessary expense to the administration of your estate and will most certainly delay the distribution of it to your beneficiaries.
- Failure to Review- From basic life changes such as acquiring new assets to adding new beneficiaries, changes will happen. You need to periodically review your estate plan to ensure that the estate plan remains relevant.
- Failure to Provide for Special Needs-If you have a special needs child, all of the assets they receive from your estate could disqualify them from receiving state benefits. Adding extra protection and provisions to your estate planning addresses special needs beneficiaries. Discuss your concerns with an experienced and professional estate planner.
- Do it Yourself- Another big estate planning mistake is drafting your own documents. It’s simply too easy to make a mistake. The abundance of software packages and Internet websites offer a one-size approach to estate planning yet they do nothing to make sure your wording complies with the legal rules regarding will and trusts nor do they insure you execute these documents properly. Even if your document is properly drafted, any deviation in the proper execution of these documents render them void. These forms and software packages also do not provide any legal advice, and worse yet, fixing these mistakes can cost thousands of dollars. Buy peace of mind and work with a reputable attorney instead. Do you have estate planning questions? Ready to draft a living trust? We’d love to assist you. Contact Brillant Law Firm today for all your estate planning needs.