Proper Preparing
No one likes making intentional mistakes. If we could prevent all possible mistakes, we probably would. We have life insurance and medical insurance readily available.
On a separate note, when we pass from this life, we probably want to leave a part of us behind in memoriam, something for our relatives and loved ones to remember us by. Whether that means specific assets or items that loved ones want to hold onto, you should have your estate planned out properly.
An estate planning lawyer can help you ensure that you avoid potential mistakes while making everything official. Moreover, here are a few tips on how you can avoid potential mistakes when going through the estate planning process.
Being Disorganized
One mistake you should avoid is failing to categorize your assets properly. When you’re working on your estate assets, everything should be properly categorized its respective category.
Leave nothing to chance. When in doubt, contact a lawyer who knows how to help you navigate the estate planning process.
At the same time, there are four kinds of assets that aren’t affected by probate law. Namely, money from a life insurance policy, money from certain retirement accounts, various kinds of jointly held property, and trust assets. Otherwise, if you have assets that do not forget to properly categorize them. Categorizing your assets only helps the process go along easier.
Not Staying Updated
Life happens. And sometimes, that means that you will want to change who’s a benefactor on your will and who isn’t. Moreover, you may find yourself wanting to change what each benefactor receives when you pass. Some benefactors might even pass on before you leave this life, prompting you to find someone else to fill their shoes.
Very few people will turn down the offer of being included in your will. However, in the case that a benefactor passes before you can change their name, their share will go to someone you listed as an alternative heir. You can also specify how much the alternative choices receive.
So, if you want to leave your inheritance all to your husband, you can also specify to have your inheritance split amongst your children in equal portions should your husband pass on before you do. Then, you won’t have to worry about changing your will.
Starting Too Late
Technically, it’s never too early for you to start working with a lawyer on estate planning. At the same time, you might find that as time passes, there are more and more pressing matters encompassing you. Say that a potential heir is getting fed up with how long you’re taking.
The longer you wait, the more time it will take to have everything set in order and fully categorized. If you’re scared about starting the process, consult a lawyer that you trust, asking how you can get through the process quickly. Your heirs may not receive the share that you promised them unless it’s actually in writing.
Then, once everything is set in place, you can take a deep breath and relax.
Unsound Mind
Just because you say something in writing doesn’t make it true. Make sure that everything relating to your will is accurate. Mistakes, thankfully, are forgivable.
At the same time, your will may be considered invalid if it was made while you were of unsound mind.
Most likely, you should probably consult your lawyer about what things and conditions might qualify you for not being of sound mind. Your will needs to be valid in order for it to be worthwhile.
As previously discussed, it’s never too early to start working on estate planning or your will in general. Act while you are of sound mind and have time on your sideBad Attorney
Probate law isn’t on the same level as nuclear science. Nonetheless, don’t neglect getting a good attorney who’s used to helping individuals navigate both the probate process and estate planning.
With that practical knowledge, they should be able to give you advice on both ends. Besides, they can help you and your heirs work through most issues. You can use the lawyer to ready your estate and your heirs can use the lawyer to see that your will is properly carried out.
The lawyer will probably have a better understanding of your true intentions, helping your benefactors get a better grasp of what you’ve written. Find an attorney who not only understands you, but is capable of assisting you.
Lawyers for Estate Planning
The estate planning process doesn’t need to be a difficult thing to handle. But if you’re having trouble with it, contact the law firm of Flanders Law Firm LLC for some assistance.
They’ll be there to walk you through the process. The process begins by scheduling your free initial consultation. Estate planning lawyers will be there to help you. Don’t worry. It won’t be long until your assets are properly prepared.
Just dial 612-424-0398 and tell them that you’re looking to get your estate together.
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