Most Common Estate Planning Mistakes
Deciding to get estate planning done at any age is one of the best decisions a person can make. But when someone dives into estate planning for the first time, they tend to make the same mistakes others have made in the past. As you get ready to plan out your wishes and how your assets will be handled after you have passed away, there are some common pitfalls you should avoid along the way.
Doing it Yourself
There are websites on the Internet that promise to make it easy for someone to do their own estate planning and file all of the right paperwork. The problem with this DIY approach is that estate planning is a complicated process that involves a lot of options to choose from. You should never try to do your own estate planning. Instead, you should contract the services of an experienced and professional estate planner.
Forgetting Estate Debts
One of the most common mistakes people make when estate planning is they forget that their estate must pay its final debts before it can distribute assets to beneficiaries. It is entirely possible that after paying all of the debts of the estate, there is nothing left for beneficiaries. Talk to your planner about life insurance that can help cover estate debts and make sure there is plenty left to complete your final wishes.
Not Considering a Trust
For most people, a will is an adequate estate planning vehicle for handling all estate needs. There are instances where a trust is a much better choice. You do not need to be rich to benefit from a trust, which is why you should ask your estate planner if they feel that you should have a trust instead of a will.
The estate planning lawyers at The Mattar Firm have been doing estate planning in your area for a very long time. When you call our office, we will give you a checklist of items and information you need to bring to your consultation to make sure everything is done properly. We invite you to give us a call to make an appointment to get your estate in order and protect your family.