A recent survey found that 67% of Americans do not have an estate plan in place. This means that only 33% of Americans have this plan ready to go for their loved ones.
It is very important to make sure you have an estate plan ready to go. Lake Mills attorneys can help you to do this so that you have more peace of mind.
That is why many people research a state attorney near me. This is something everyone should do so that they have planned for the future.
Keep reading to find the most common estate planning mistakes you can avoid.
1. Failing to Plan
The biggest estate planning mistake you can make is failing to plan at all. This is something that the majority of Americans are currently doing and will regret.
No matter how old you are, you should have an estate plan in place. This is important for anyone who owns anything that will need to be taken care of when they pass away.
Estate planning gives you the power to take care of your loved ones after your death. Lake Mills attorneys will help you to do this so that you don’t have to worry about it anymore.
This is how you will be able to make sure loved ones are taken care of and your possessions go to them.
2. Not Talking it Over
Another common mistake people make is not discussing their plans. It is usually a good idea to discuss your estate plan with your loved ones.
You do not have to do this with all of your family, but you should with the people that are on the plan. You should discuss this with your beneficiaries and those receiving items.
You may want to set expectations about what people can expect from your plan. You can also ask your family members for help if you do not know how he should go about this.
Just make sure that you do this with family members that you trust completely.
3. Not Updating Your Plan
Many people may not realize that you have to update your estate plan. It is not something you can simply create and forget about.
It is recommended that you go back to your estate plan every 4 to 5 years. Or that you update your state plan if your financial situation has changed.
For instance, if you were given land or bought a new vehicle, you would want to update your plan. It is also good to go back and adjust things as necessary every few years.
If you do not do this, your state plan could be out of date when you pass away. This can create complications for your family members.
4. Getting Too Specific
Something you may do when estate planning is getting too specific. As much as you want to be specific, there is a balance that you need to have.
You need to take a moment to consider what assets you will have in the future. You may own a home now, but is there a possibility of you selling it in a few years?
This is an example of an asset that you do not need to include in your plan. Getting too specific can result in assets being included that won’t apply in the future.
If this is something that confuses you, look for lawyers near me since they will be able to help.
5. Forgetting About Taxes
If you are planning your estate, hiring Lake Mills attorneys can be a great option. They can help you with details such as estate tax liability.
This is something that many people end up forgetting about when making this plan. You need to consider that your state may owe taxes before going to the beneficiaries.
This will impact how much they can expect to receive after the tax is removed.
6. Forgetting Final Arrangements
It is also important to include your final arrangements when estate planning. This takes a load off of your loved ones after you have passed away.
Final arrangements usually include what you want to happen after your death. This could include things like your funeral and burial arrangements.
You should also include end of Life care that you would prefer to have. This is important if you become unable to take care of yourself or become disabled.
Including these details will help your loved ones to not have to make these decisions. It will also give them the peace of mind of knowing that they are doing what you wanted.
7. Forgetting Digital Assets
Something very easy to forget is your digital assets. With so many things being online, you may have online information.
You may have social media accounts or bank accounts that need to be closed or managed. You may also have digital investments that need to be taken care of.
Because of this, a digital estate plan should be a part of your overall plan. This will include information about these digital assets and how to go about managing them.
Lake Mills Attorneys: Estate Planning Mistakes
If you want to create your estate plan, you may not know where to start. Hiring Lake Mills attorneys are going to be your best option when tackling this task.
This will ensure that you do not make any of these common mistakes in your plan. Everything will be included, and you can get professional and get advice from our expert.
Are you ready to create your estate plan? Contact us today at Watertown Law to speak with one of our experts.