This blog is a continuation from our last blog topic titled “Estate Planning Mistakes to Avoid – Part 2.” The following are three more errors in estate planning that you want to avoid:
Failing to Get Help
We live in a world where many things can be done with the help of “do it yourself”guides. The internet is full of websites claiming they will save you money by showing you how to prepare your will or trust. However, there are many problems that can arise from using DIY guides. Many of them are very generalized and were not created to comply with your applicable state law or your unique life circumstances. Additionally, computer programs are often not timely updated to comply with changes in the law, nor will it notify you when the law changes. As a result, a seasoned estate planning lawyer will save you time, money and stress, because you have the peace of mind knowing your plan is done correctly.
Estate Tax Exemption
An attorney can help you minimize your estate taxes by strategically making gifts during your lifetime. Estate tax exclusions routinely change, so it is important to be aware of them and take advantage of the exclusions when they are at their highest.
Even if all of your beneficiaries are adults, you may not want to give outright inheritances. This is especially true of the adult who has poor financial management skills and you want to provide for them over a long period of time. Creating a trust, either revocable or irrevocable, can allow you to take advantage of the asset protection benefits for as long as possible, while also giving you the flexibility to set forth how you want your assets distributed once you are gone. For more information regarding trusts, please read our blog titled “Do You Need a Trust?”
Don’t put your estate or loved ones in jeopardy. Let a professional help you create your estate plan. It will save you money and time in the long run.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.