Estate planning can be a complex process most especially for those who have no enough knowledge or not familiar with the intricacies it involves. That is why, apart from seeking help from a lawyer who is an expert in the field, it can be helpful if you make a diligent research about the subject.
When doing your own research, some questions you need to consider include: what to prepare when crafting an estate plan, mistakes to avoid, among others.
Speaking of mistakes to avoid when estate planning, Del Mar, CA, we are sharing in this particular post some of them:
Not sharing your estate plan with your family members. Why is it imperative to share some or all of the details of your estate plan to the members of your family, including your children? While it is true that advisors can share with the people you’ll leave behind the same information of your estate plan, such details will have more impact when you have conversation with them.
You leave assets outright to your children. Your estate plan can have a disastrous result if you indicate that you leave your assets outright to children, particularly younger children. Instead, you can use trusts that can give some assets protection while they are still made available for their health, education, maintenance, and support.
You fail to understand the estimated total value of your estate. Why it is important? Because it provides clarity and you can identify those areas of your estate plan that need a closer look. What your documents say and how your assets and liabilities will be administered upon your death is important in estate planning.
You automatically select the oldest child as your executor/representative and successor trustee. It is important to note that when choosing a person for such assignments, you need to choose one that is most capable in handling the responsibilities associated with your estate plan. You should not decide based on emotion but on the capacity to assume the role as it can require a significant amount of work, not to mention its complexity.
To learn more about mistakes to avoid when estate planning, Del Mar, CA, contact us here at the Law Offices of Ronald Webb.
Call today at (858) 558-1191
