Mistakes of Estate Planning

Mistakes of Estate Planning

Estate planning is no doubt one of the most important plans you will make while alive. A good estate plan comes with several benefits. With an estate plan put in place, your future will b secured including that of those your care about. On the flip side, without an estate plan, your loves ones and family may struggle, and if you get incapacitated, an individual will be appointed to make those health care decisions for you. I bet this is something we would love to avoid. However, many of us aren’t even aware of what the term estate planning is, not to talk of the dangers or consequences of not making one.

Thus, before we move further, it is best we take a good look at what estate planning really is.

What is Estate Planning?

Though common, there are a lot of estate owners who still don’t know what an estate plan is, nor its importance. Estate planning, as the name implies, is a plan done in the preparation of death.  

This doesn’t mean that planning an estate means death is looming. This plan is simple a proactive measure put in place to ensure that the estate of the individual is properly handled upon death. That is, the assets of the individual is shared according to their wish. The assets are well managed and the debts, taxes, etc. of the individual is settled to mitigate the occurrence of lawsuits from aggrieved creditors.

In a nut shell, an estate plan, or a will in particular is a representative of the deceased on paper. It dictates the wishes of the deceased and they must be adhered to.

Planning an Estate

Making an estate plan is not a child’s play. It is not one of those plans you make in an hour. Or those plans that are made with some kind of apps on your phone. Of course, there are several estate planning online tools out there. However, some of these tools may not fit your particular situation. Also, the best way to make an estate plan is by hiring a competent estate planning attorney and not leveraging some generic online tools.

So, what is the big deal about estate planning?

You see, the estate planning process can be as easy as hot knife slicing through butter and it can be as complicated as fining a needle in a haystack. It all depends on the estate of the individual. For instance, an individual who is divorced may find it hard to draft an estate plan as he or she would surely want to include the names of the children from the previous marriage in the estate plan. Now, things can get complicated there. However, a good estate planning attorney should be able to make things less complicated for such individual.

What is the Trick to creating a good Estate Plan?

So the trick in making a good estate plan is to hire a competent estate planning attorney. And of course, there aren’t much good estate planning attorney out there if we are to be very sincere with ourselves. So, you’ll have to do your research. If possible, interview candidates before you hire an estate planning attorney for your estate. Just do whatever it takes to get a good estate planning attorney because it is one of the few things you need to make a good estate plan.

Who is an Estate Planning Lawyer?

An estate planning lawyer is a state licensed professional whose job is to help and guide you in selecting the best options for maintaining your estate after death or in the case of incapacitation. A competent estate planning lawyer will want to fully understand your estate planning goals and suggest ways to achieve them.

Estate planning can be very complicated process, especially for those who aren’t familiar with estate planning terms. So, it is very possible that you may be confused along the way. It is the job of an estate planning attorney to ensure that you fully grasp the estate planning process. It is also the job of this professional to provide you with valuable advice regarding your estate plan. If your choices aren’t right an estate planning attorney will make you understand the consequences attached to the choices.

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