Avoid Common Mistakes In Estate Planning
While creating your Estate Plan is important, creating one that avoids common pitfalls and mistakes is essential. After all, you don’t want to go through all the time it takes to create a plan to protect your loved ones, just to have it riddled with errors that end up causing them stress and headaches in the end. Creating an estate plan allows you to do that with the fewest tax liabilities for your beneficiaries and it reduces the chance of estate litigation among your heirs. Not only can properly prepared estate planning documents help maximize the value of your estate, but the process of working with an estate planning attorney gives you an opportunity to talk through important decisions.
Below is a list of common Estate Planning mistakes:
- Failing to plan – Whether you have estate planning documents in place, or not, those closest to you will be left to manage your final affairs. At a time when so much may feel uncertain, knowing there is an estate plan can bring peace of mind.
- Not discussing with family and friends – Many people don’t discuss their estate plan with those who are involved in important decision making and are impacted 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 direction on how you want your assets handled.
- Failing to change beneficiary information – If the beneficiaries on your life insurance policy, investment accounts and retirement accounts are not reviewed regularly and kept up to date, the proceeds could go to someone that you did not intend, such as your ex-spouse.
- Forgetting about Power of Attorney or Healthcare Representatives – You’ve probably heard about the nightmare that can occur when family members don’t agree what to do with a loved one on life support. All 50 states permit you to express your wishes as to medical treatment and to appoint someone to communicate for you in the event you become incapacitated. Depending on the state, these legal documents are known as living wills, medical directives, health care proxies or advance health care directives. On one of these legal documents, designate someone you trust to follow your wishes.
It can be a bit overwhelming, especially if you are just starting out with your estate planning. We advise that having an experienced estate planning attorney can provide a sense of understanding and security. Here 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
T (206) 408-8158
F (206) 374-2810
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