These Mistakes can Damage your Naples Estate
Most people believe estate planning is as simple as will writing, the fact is that it is much more complicated. Such misapprehensions in executing estate planning frequently lead to mistakes that may end up damaging your Naples Estate. Errors made may affect your financial stability as well as the relationship with your family. Here are a few mistakes that can damage your Naples Estate.
Failing to have an Estate Plan
Rather than making a huge mistake when it comes to estate planning, the greatest mistake is not having a plan at all. It is normal to think death is inevitable, however, most people do not realize planning for those who live when death occurs is very important. Failing to have an estate plan may mess up your entire assets and cause wrangles within your family. This is a mistake an estate planning attorney can help you avoid.
Assigning Wrong People to Manage Your Estate
When making your Naples Estate Plan, it is important to employ services offered by reliable people, for instance, an attorney, a will executor, a good guardian for your children, and someone who can hold the power of attorney. All these people serve different roles in your estate plan. In most cases, people assume only two or fewer people are enough to partake these important roles. They may pick their spouses as their healthcare proxy or power of attorney and let a different person do the rest. Being extra careful when choosing the right people to manage your Naples estate plan is necessary because you may find a great guardian who may turn out not to be the best trustee and vice-versa. Additionally, the person to be healthcare proxy should be one who is able to handle the weight that accompanies life and death decisions among others. One wrongly placed person may affect your asset distribution and plans.
Forgetting to Update Your Will
Change is gradual and inevitable as well, this means your life, wealth status among other things may change over time. Failure to echo such changes on your will may give your family a hard time during probate. It is advisable to review and update your will yearly with your changing life and worth, by doing so you will also be updating your Naples Estate plan in the process. The Mattar Firm can provide you with estate planning attorneys who will take you through the entire process efficiently.
Leaving Out Relevant Information
Estate planning professionals recommend taking a good amount of time when planning for your Naples Estate. When you have an appointment with an estate planning lawyer, ensure you carry along all the important documents and relevant information for the meeting. The moment an important part you may have wanted as part of you Naples Estate Plan is left out, the states probate court will not make any assumptions on what you might have wanted to include. Rather, they will work with whatever you provided and make decisions as to who gets access to your estate. Therefore, it is important to note that, leaving out any relevant information during the estate planning process may hinder the production of an effective Naples Estate Plan.
Having an estate plan is a step towards ensuring your assets are appropriately attended to. The Mattar Firm can assist Naples residents to prepare suitably for the future and at the same time avoid common mistakes made when preparing a Naples Estate Plan. We invite you to contact The Mattar Firm for professional and knowledgeable estate planning attorneys to help you make future plans for your family and prepare your Naples Estate Plan.