Estate planning is something that benefits many individuals of various financial backgrounds. An estate plan is a set of legally binding documents that dictate how you want your assets, possessions and future health care directives to be managed. Not having an estate plan puts your estate at risk of becoming controlled by the state, and they may not handle your estate according to your preferences. Creating an estate plan allows you to have a say in how you want your possessions and assets to be managed after your passing, as an estate planning lawyer like one from Klenk Law can explain. If you are not familiar with estate planning, here are some key mistakes to avoid.
Assuming That Estate Plans Are For the Wealthy
Contrary to popular belief, an estate plan is not reserved for wealthy individuals or families. Many people assume that an estate plan is only necessary or accessible to those with high income or wealth. However, as long as you own cash or assets, you may benefit from creating an estate plan. To see if estate planning would be beneficial for you, reach out to an experienced lawyer.
Not Discussing Your Goals With Loved Ones
Another mistake that individuals make while they are preparing their estate plan is failing to talk to their loved ones about it. It is key that you sit down with your relatives and discuss your preferences for how you want to structure your estate plan. Be up-front and honest about who you are going to name as guardians or who will receive a portion of your inheritance. This saves a lot of trouble and allows them the chance to share their input as well.
Waiting Until the Last Minute
A critical mistake that people make is to begin their planning later on in their life. Developing an estate plan early has several advantages. You can take the time to really think about how you want to organize your assets and pass on your legacy. If you become incapacitated before you create an estate plan, there is no guarantee that your wishes will be respected.
Failing to Consult With a Lawyer
If you have a complex estate or do not know where to start with your plan, you may want to consult with a lawyer about how to approach your estate planning. For example, if you have multiple assets, there may be additional steps that you have to take. Estate planning can encompass many areas, so if you are feeling disoriented then having a lawyer help can be highly beneficial and make the process less stressful. Contact a top estate planning lawyer if you would like personalized legal assistance.