If you want to make sure that all of the loose ends are tied when you pass away, making sure that you have the entirety of your estate designated and planned out is crucial. Even though most people assume that estate planning is a once-and-done deal, there are big mistakes you can make that will be a big deal when you are gone. Even if you plan your estate early in life, there are maintenance measures you should be taking over the long-term to make sure that your estate plan is up-to-date. Here are two costly mistakes to avoid.
Not Taking the Time to Update Your Will with Life Changes
The will of your estate should be updated every so often to include any changes that may have taken place in your life. Whether it is the accumulation or loss of property or assets or changes in family structure, leaving things unchanged in the will can mean that what you designate could potentially be challenged when you pass on. For example, if a new family member is born or becomes affiliated with the family after you create your will, this person may be able to step in after you die and say that they are entitled to what you leave behind. Most professionals recommend that you revisit your will, as well as the rest of your estate documents, about every five years.
Avoiding Continuous Consultation with Your Estate Planning Lawyer
You could plan your estate now with an attorney and live for another 20 years or longer. Therefore, there can be a lot that changes when it comes to the legalities, taxes, and regulations involved in your estate. The best way to make sure that your planning efforts coincide with the most current laws is to continuously consult with your attorney throughout the years of your life. If you do not, there is a good chance that what was the law when you made your estate could change, leaving your family members or trustees with large tax burdens or other bothersome issues.
Even though estate planning is often thought of as something reserved for those who have a great deal of wealth, this is an important financial decision, even if you do not have a great deal of assets. Make sure that you stay on top of your estate plan and work with an estate planning lawyer like Donald B Linsky & Associate Pa for guidance.
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