Unfortunately, failing to plan ahead is the most common mistake that adults make as they grow older. Not having an established estate plan can not only cripple your legacy, but prevent your loved ones from living a comfortable life after you pass. You need to create a comprehensive estate plan with the aid of an experienced attorney. It took you decades to amass your current assets and—without a good estate plan—your loved ones can lose everything you worked for in mere moments.
Procrastination may work for some things in your life, but creating an estate plan is not something that you should delay. Regardless of your current age, health, or financial status, you simply never know what can happen tomorrow or what the future holds. Additionally, you need to stay proactive in updating your Will to ensure that your family receives the assets that they deserve.
Distinguishing Between Assets in Different States:
Estate planning is often marred with highly complex specifications. One of these specific aspects that is sometimes overlooked is owning property in two or more states. If you have a house, condo, business, or any other asset in another state, you will need an additional probate. While this could inevitably double your estate costs after passing away, an experienced attorney will help to try to make sure that this does not happen to you.
Assuming Your Children Will Take Over When You Get Sick:
While it would certainly be nice to have your children control your estate if you are ever sick or disabled, this is not often the case. If you have not yet obtained a Health Care Power of Attorney and Living Will, your health care could be determined by someone other than your children. Your legal guardian will be determined through a court hearing. Unfortunately, sometimes it is not the person you would have preferred.
Who Controls the Family Business?
You may dream of your child assuming control of your business once you are gone, but this often is impossible due to a number of factors. You may pass away unexpectedly, and your child could either be too young to take on this role or simply unwilling to do so. In this case, the rest of your family could fight for control of the company, which is something you need to avoid. Additionally, proper estate planning will help you achieve your dreams of retiring on your own terms.
Leaving Everything to Your Spouse:
All of the assets in your name at the time of your death may be passed on to your spouse, but this is not always a good thing. Your assets will be added to your spouse’s estate, creating a second issuance of taxes that could cripple their worth. Without proper estate planning, your widow or widower could be preyed upon by creditors and other collectors who wish to take advantage of their financial situation. Your widow or widower could also choose to remarry, which further complicates your estate.
Leaving Everything to Your Children:
Once again, you need the guidance of an experienced attorney when it comes to involving your children in a Will. Even if your children are of legal age at the time of your passing, they can also be subject to predatory practices on the part of creditors. You need the help of a trusted attorney to ensure that your child’s inheritance remains safe and secure for decades to come.
Leaving Everything to Your Stepchildren:
Blended families make estate planning even more complex and—unfortunately—you never know how your stepchildren will react to your death. Quality estate planning ensures that anyone who has married into your assets cannot improperly use or distribute them.
Assuming Your Current Plan is Good Enough:
If you began your estate planning years ago and assume it is has remained the same, you need to go back and review your Will. The laws surrounding estate planning are extremely fluid, and there is always a chance that the Will you once created does not meet your current desires.
Failing to find the best attorney possible:
The most important part of estate planning is seeking the help of an experienced attorney who will take a personal interest in your future, as well as the future of your loved ones. At King, Koligian & Associates, LLC, our legal team has helped countless individuals throughout the Montgomery and Cincinnati, Ohio, area prepare for their future and ensure their legacy is maintained. Estate planning is not an easy task, and we take pride in knowing we have helped so many people feel more comfortable with how their assets will be handled after they are gone. Call our offices today to begin your estate planning or to improve your current plan.
Top 10 Estate Planning Mistakes
Posted By King, Koligian & Associates, LLC