As a society we tend to put discussions on topics we deem uncomfortable on the back burner often times until its too late. This is often that case when people become unable to take care of themselves sooner than imagined or die unexpectedly. The topic of death or not being able to take care of oneself are awkward and often make the people involved anxious however, these discussions are necessary.
Estate planning is important for all adults; which includes any person eighteen and over. Individuals need to legally render control over their assets and medical decisions to beneficiaries that will be in charge of handling the decision making that comes after death. This person, or individuals, will be in charge of wrapping up your lives details including money in your bank account, selling your home, paying off your debts, distributing assets, and closing out accounts. This can all be done through an estate plan that is created in conjunction with an attorney. An estate planning lawyer will help you avoid the common mistakes that are often found in estate planning.
Not Planning at All
Not having an estate plan in place is one of the biggest mistakes that most individuals will make. Failing to have in place legal documents that lay out the plan you have in mind for life after your death, for whatever reason, is a huge mistake. Fact is, death is inevitable and unpredictable. This is not a pleasant thought however we can make our passing easier on loved ones by setting a plan in place to ensure that the distribution of your assets is hassle free.
This is the scenario whereby an individual keep saying that he is soon doing an estate plan but keeps on moving the time in which they should do it back further and further. No one knows when eventualities will occur. When you least expect something to happen is when it most often. It is therefore important to set a time frame to create your estate plan and be disciplined enough to stick to it.
Not Updating the Estate Plan
It could be that when one was doing estate planning, the family was still small. With time, children are born, issues like divorce and deaths occur and other family matters. When an individual fails to update the plan, this may result into complications in future and especially after the death of the owner. It is crucial with every major change that your estate plan is updated. Once a year an estate plan review should be scheduled with your attorney to go over any and all changes over the course of the year or expected changes.
Not Finding the Best Legal Advice
Not everyone understands the law provisions for estate planning. Lots of individuals think that they can just write down what they want to happen and that the law will automatically respect your wishes. However, this is not how probate works. In order to be sure that the events playout after your death as you desire you need a competent attorney, specializing in estate planning, to offer legal advice and to assist you in creating a viable plan of action.
Not Finding the Right Beneficiaries
Some people give the names of their kids as their beneficiaries, but this may not work out well in future. Others think that their spouses are the best beneficiaries. It is of great importance that one keenly takes time to understand the right beneficiaries during estate planning, who will take care of his properties while he is gone and that will be in a position after your passing to do so.
Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com. To contact the offices of Sean J Nichols, call 734.386.0224 today.