Law

Things To Avoid In Estate Planning

Estate is a word that sometimes brings to mind a big mansion with sprawling grounds. But even if you don’t have a big house, you have an estate, and you need to think about what is going to happen when you die. The scenario of the grieving family crying in the county probate judge’s office because daddy didn’t make a viable will is one that happens often in courthouses in France. You can avoid placing a burden on your family by hiring a avocat succession Paris and avoiding these five mistakes.

Disregarding your need for an estate. Do you have children? So you don’t have a mansion but do you own a home? Do you own anything? Fighting over who is going to get what when a person dies can cause a lot of friction in the family. You can avoid this by assigning your belongings in the will. And if your children are minors, you need to make sure they will be cared for once you are gone, especially if you are a single parent.

Using youth as an excuse. I don’t want to scare you but young people die every day. As stated above, if you own anything or if you have children, you need to have a plan. Dying without a will in some states means the court will distribute your assets. Here’s an idea for parents of teenagers–have them do powers of attorney for financial and health care decision making when they turn 18.

Using a form off the Internet. Several websites have examples of wills you can download and fill out for a small fee. However, these sites often are not up-to-date on the current laws. These wills are a risk for so many reasons.

Forgetting to service your estate plan. If you have an estate plan, then you are ahead of the game. But you are not at the finish line yet. How long has it been since you have looked at your will or trust? Remember the Four (4) L’s – things can change in the law, your life, your legacy and in your lawyer’s experience. Make sure your estate plan is up-to-date. The national average for updating is 19.6 years – we recommend reviewing every two to three years.

Ignoring plans for pets. Never assume that if you die, someone is going to care for your beloved pet. Make a plan for them. They cared for you while you were alive. Make sure they are cared for all of their life.

The good news is many of these mistakes are easily fixed. Take the time to review or begin an estate planning to avoid problems for your loved ones after you are gone.

Leave a Reply

Your email address will not be published. Required fields are marked *