Estate planning is one of the complex tasks and has unique features. If not corrected, most estate planning mistakes may lead to expensive consequences. It will also add extra stress to your heirs in the moment of grief. Therefore with the help of the Boca Raton Estate Planning Attorney, you can avoid these mistakes.
Estate planning gives you peace of mind, protects your assets or interests, and gives protection to your loved ones after you die. Below are some of the mistakes you should avoid during estate planning.
Do not make these mistakes during estate planning.
- Not having the right estate plan.
It is surprising that many people–having substantial assets and close family relationships do not know how to frame a proper estate plan. They do not care what will happen to their assets and properties after they die. Not having adequate estate planning can impose real hardships on your heirs and family, causing your real estate to be tied up in a probable court.
- Neglecting to fund your trust
One of the most common and expensive impacts of trust is not making it the property owner. Funding your trust is essential because when you die, your trusts and assets titled in your name will smoothly pass on to your trust’s beneficiaries. Investing in the trust will reduce the management and distribution of assets as you intended.
- Making one beneficiary
You should always have more than one beneficiary for your assets. Because if the beneficiary passes away before you do, you will still have another beneficiary known as a contingent beneficiary.
- Neglecting your digital assets.
Digital assets are a relatively new concept, but it makes sense because the digital world is growing. Therefore, it is necessary to sort your digital assets and plan how to distribute them after you pass away.
- Ignoring your children’s future
Even if your decisions are well-intended, there are cases where things change and could haunt your children or heirs in the future. If your children are still young and you want to include directions about how they should spend their assets, take care of them, or benefit them in another way. Other mistakes can be when you assume that your children might want something but not. For example, if you wish to pass on your vacation home that has been a part of your family for years, which is only possible when every child gets married with their vacation home. But what if one of your children does not want it? In these cases, many legal fees will add up to the assets, leading to devaluation and affecting the size of the estate as your beneficiaries go through courts.
