Estate planning is a complex process and best done when working with a professional since there are various elements that come into play. A legal team that deals with estate plans every day and is aware of the consequences of errors can provide the right advice. The best thing about estate planning is that you can make edits whenever there is a major change in your life, but most people forget to make these changes.
Estate planning is something you should do as early in your life as possible. You do not want to wait till you are on your deathbed to decide what you want to do with your assets. While most people think estate planning involves leaving your assets to your loved ones and taking care of your kids, there are other considerations as well. To know more, schedule a free initial consultation with an expert today.
Major estate planning mistakes you could be making right now
Not planning for incapacity.
The primary reason people create a will is that everyone knows everyone is going to die someday. Therefore, it is helpful to plan what happens with your assets and liabilities and how to take care of your loved ones after you pass away.
However, it is also important to consider that you might become incapacitated before you die. Even though you will be alive, you will no longer be able to make decisions on your own. Therefore, it is essential to appoint powers of attorney.
Not selecting backup executors.
The Executor of the estate is one who is responsible for overseeing that all of your wishes are carried out the way they were intended. Most people choose their most trustworthy and close family member or friend, perhaps their own son, spouse, or parent. However, you must consider the possibility that your Executor might pass away or suffer from other problems that might take away their decision-making abilities. This is why it is vital to name backup executors.
Assuming that a will is enough.
When people think of estate planning, they only think of the will. However, a will is only one of the many elements included in an estate plan. While a will is an essential part of an estate plan and can help you name guardians for your children, decide where you would like your assets to go, etc., there are other essential elements like trusts, power of attorney, beneficiary designations, etc.