Estate planning gives you the chance to choose how you distribute your valuables. It also allows you to name a person who will act as the guardian of your child in case he is a minor. At the time of your death. However, it is common for people to ignore their mortality or make mistakes in estate planning that leaves. Their heirs to deal with the cost and stress of the problems created by your passing. Michael E Weintraub esq examines the most common estate planning mistakes:
Michael E Weintraub Esq Not Preparing a Will
Many people keep on putting off making. A will on some pretext or the other, thinking that they are unlikely to die soon; however, unfortunately, death does not always come as expected. In case, you die suddenly without making a will, it may be that your property. And assets do not pass automatically to your heirs but to the state. Which appoints an executor who distributes your assets, as he thinks fit. By preparing a will, you can leave your assets to people in any way you think fit.
Michael E Weintraub Esq Not Planning for the Unforeseen Can Be Foolhardy, Says Michael E Weintraub Esq
Every estate plan should provide for the appointment of a person or persons with the power of attorney. To manage your finances or to make healthcare decisions when you are unable to make these decisions by yourself. You should also name alternates for each person who has been given the power of attorney to step. When the original person is not available or willing to act. You can also express your desire in a living will that your life not be prolonged. If doctors declare your condition as irreversible. When you don’t take these steps, your family will have to approach a court to appoint a guardian. Which is a needlessly burdensome and expensive affair.
Not Updating You’re the Estate Plan to Accommodate Major Life Events
An estate plan needs to be updated regularly to keep it relevant. To your need and the various changing life events, observes Michael E Weintraub esq. For example, you may move to a different state where there are different laws. Governing estate planning, or you may get divorced, separated, or even remarry. You may wish to review your estate plan to determine who all will inherit your assets. Especially since any gifts made to an ex-spouse are not automatically invalidated by a divorce. While you will want to look after your current spouse. You will also need to provide for your children by your earlier marriage.
Not Appointing a Guardian for a Minor Beneficiary
Since children under the age of 18 cannot receive any property from the estate directly. You must appoint a custodian who can hold the property in trust for them till they become adults. Unless your estate plan provides for it, needless time, effort, and expense. The appointment of a guardian will have to be made by your family.
By making an estate plan and reviewing it periodically, you can ensure that your assets will be distributed as you wish among the intended beneficiaries without any dissension among your heirs.