5 Monumental Estate Planning Blunders to Avoid
Estate planning can seem a daunting and difficult task; however with the expert advice of an estate lawyer, these common and monumental blunders in the planning process can be easily avoided.
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Failing to comply with the legal formalities
It is important to comply with the strict formalities of preparing a will and estate in order to avoid such crucial documents being held as invalid. These formalities and requirements include;
- Ensuring the will and other estate plans are made in writing.
- The documents are supported by the maker’s signature. In the case of a will, a valid signature of both the maker and a witness is required on every page.
- Both witnesses are present together at the time of signing the will
- The witnesses are not a beneficiary in the will or be married to, or a domestic partner of people mentioned in the will.
- The estate planning documents are not prepared whilst the will maker is under undue pressure.
- All previous wills (if applicable) have been stated as revoked
- Beneficiaries are clearly identified
- The Executor is clearly identified
- The will and other estate document are dated and signed correctly
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Failing to regularly update your will and estate plans
Throughout a person’s life, there are many changes made to both their collection of assets, dependants and beneficiaries. Therefore, one of most monumental mistakes a person can make in their estate planning is to fail to regularly update their will and other estate planning documents. Regularly reviewing, revising and updating your will and estate with the help of an experienced estate lawyer can ensure that your personal asset are distributed in a way that will reflect your intentions upon your passing. This will ensure that all dependents are properly cared for through the terms of the will and other estate documents.
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Preparing the documents without the assistance of an estate lawyer
Perhaps the most crucial estate planning blunder to avoid is preparing your estate without the consultation of an experienced estate lawyer. Without the expert advice of a professional like an estate planning lawyer in Orange County, CA, it is all too easy to fail to comply with the strict requirements and formalities that exist in will and estate planning. It is therefore easy for home prepared estates to deemed unenforceable or be susceptible to challenge in court. Planning your estate with a professional will require payment, however it is a small price to pay in comparison to the enormous legal fees your beneficiaries may be liable to pay if your will and estate is unenforceable.
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Choosing the wrong person to handle your estate
Choosing an appropriate person to handle your estate is a monumental decision, affecting not only yourself but your family and other beneficiaries. The executor of your estate should not have a personal interest in your estate, so that they may objectively handle the extensive duties and demands that are required of an executor or guardian. If your estate includes the appointment of a legal power of attorney, it is important to choose someone that you can trust to make important medical, financial and personal decisions on your behalf. After appointing a power of attorney, it is important to then inform the designated attorney of their appointment and your wishes should they be called to make decisions on your behalf.
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Not having an estate at all
Procrastination is a common and costly mistake to avoid in the process of estate planning. Unexpected death or disability can occur at any time, so it is important to have at minimum, a basic estate plan ready. Planning early will ensure that your dependents are cared for, your wishes are adhered to and that your family is saved the stress of blindly dealing with your estate without proper plans.
These common and costly estate blunders can be easily avoided through consultation with an experienced estate lawyer, who can guide you through the difficult process to ensure your peace of mind and your family’s financial protection.
Laura Costello is in her third year of a Bachelor of Law/International Relations at Latrobe University. She is passionate about the law, the power of social media, and the ability to translate her knowledge of both common and complex legal topics to readers across a variety of mediums, in a way that is easy to understand.
