Contrary to popular belief, estate plans are not just for wealthy people. Most people have at least one thing of value — such as money in bank account, a car, a home. The reality is that many people could benefit from having an estate plan in place. Not only can it help maximize the actual value of the estate you’ll pass on to your heirs and beneficiaries, you’ll have an opportunity to make informed decisions concerning how your assets should be handled while you are still alive.
When considering Estate Planning, you want to make sure to avoid these common mistakes:
- Not updating your Estate Plan- As life circumstances change, your estate plan should be modified too. Plans should be reviewed at least every five years and with every major life change—like the birth of a child, a move, or a divorce.
- Preparing your estate plan by yourself – While it is not required to hire an attorney to prepare your Estate Planning, an experienced Estate Planning attorney can help ensure your documents are correct.
- Avoiding probate – A common misconception is that a Last Will and Testament will avoid probate. However, if assets are owned in a person’s name when they die, such assets will be subject to probate.
As discussed above, an experienced estate planning attorney can help you make the right decisions and cover all of your bases. After all, a poorly planned estate can cause hardship for your family members and loved ones in your absence.
If you have questions about Estate Planning or need help with your Estate Planning needs, please give us a call today at 206-408-8158. We look forward to being able to assist you with your estate planning needs.