Estate planning is essential to ensure your assets are distributed according to your wishes and that your loved ones are taken care of. However, many people make common mistakes when creating their estate plans that can lead to confusion, disputes, and unintended consequences.
At The Law Offices of Kayce C. Staehle, we can help you with the estate planning process from start to finish. Here are some of the common mistakes we want to help you avoid:
- Not estate planning at all — One of the biggest mistakes we see is not having an estate plan in place. Without a will or a trust, the state can determine how to divide your assets, which may not align with your personal wishes.
- Failing to update your plan — When life changes, your estate plan should, too. Failing to update your will after events like marriage, divorce, the birth of children, or the death of a beneficiary can lead to confusion and potential disputes among your family members.
- Overlooking tax implications — Many people fail to consider the tax consequences of their estate. Estate and inheritance taxes can significantly reduce the value of your estate, but strategies like trusts and gifting can help minimize these taxes.
- Choosing the wrong executor — Selecting the wrong executor can cause unnecessary delays or family tensions. Your executor should be trustworthy, organized, and able to make tough decisions on your behalf.
For help with any part of the estate planning process, reach out to our law firm today.