Many people don't consider doing estate planning a priority. In recent years, people have tried using the do it yourself estate planning documents in order to save money. When these documents are hastily thrown together, the effects can end up not being what was originally intended. If an estate isn't properly planned, the beneficiaries of that estate might find themselves scrambling to figure out who gets what.
People should always carefully review their estate documents for errors. They should also be sure to regularly update their documents if their situation changes. Many times people get divorce, have another child, or there is a death in the family that will require them to update their plan.
Speaking with an estate planning attorney might be a wise decision. Considering the following things for estate might help you avoid some costly mistakes:
?? Remembering that estate planning is not one-size-fits-all. All people have unique needs and unique wishes, and speaking with an experienced attorney can be beneficial in making sure you have a customized estate plan.
?? Not having a plan should not be an option. Everyone should consider what will happen to their belongings after they pass away. While thinking about death isn't always pleasant, it can bring peace of mind knowing that your relatives will know what to do.
?? Coordinating with other professionals to make the financial aspect of estate planning go smoothly is important. Some estate planning moves might have different tax consequences.
Since everyone's situation is different, it is important to speak with an attorney who can address your need and what you want to happen to your belongings.
Source: Forbes, "7 Major Errors In Estate Planning," Rob Clarfeld, April 25, 2012
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