Estate Planning is very important to protect your estate for the future of your family or your beneficiaries. Sometimes we bury ourselves in working too hard, investing, saving for the future, but we don’t even know if your properties are secured. This is the reason why we need to consider Estate Planning. Estate planning will be set up by your attorney who should be experienced in estate laws.
If you are from California, you have three options with Estate planning; Will, Living Trust, and the combination of both. And the good thing is, it would be easy to find a Walnut Creek Trust attorney. So let’s say you already have your estate plan, you should also know the common mistakes in Estate Planning. Your responsibilities do not end in just having an estate plan set up with your attorney.
The COMMON Mistakes.
In our busy lives, committing mistakes is not new to us. However, when it comes to our properties, and the future of our families, we should always protect our estate through estate planning and here are the common mistakes that we should avoid.
- Forgetting about the Plan. This is one of the most common error that people do. They set it up, then just forget about it, thinking that whatever they have established with the attorney is good to go. Estate plans should be reviewed every 5 years. If any case that you will move to another state or any major changes in your life, review it sooner.
- Bad Financial Records. One of the estate planning mistakes is keeping a bad financial record. You should make sure that your financial records are complete, error-free, and should be up to date.
- Not Keeping Communication Lines Open with your Heirs. This is one of the most common mistakes in estate planning. Many people are not taking the time to discuss important matters like their estate with their heirs or beneficiaries. Keep you heirs up to date and consider their needs and interest to avoid potential problems in the future.
- The inexperienced Executor. A person who knows you and your family is not enough reason to nominate him or her as your executor. The individual that you should appoint as your executor should know and understand the what you kind of responsibility you are putting on their shoulders. Get someone who knows and is up for the job. Remember that your estate relies on this person.
- Changes in Property without Updating the Will. When you transfer an interest in a real estate you own is irrevocable. This can trigger a loss in your property’s capital gain exclusion if the said property is sold before you pass away.
Estate planning does not end when you signed the papers and documents. Remember that any changes you make that is included in your plan can greatly affect the outcome if you are not updating it regularly. Before you make any changes, consult your Walnut Creek Probate Attorney first just to make sure that you will not be making the mistakes listed above.