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Estate planning is a crucial process that ensures your assets are distributed according to your wishes after you pass away. It also helps to minimize taxes and avoid probate. However, many people make common mistakes that can jeopardize their family's future.
Failing to Plan
Many people procrastinate or don't think they need an estate plan. However, failing to plan can lead to unintended consequences. Without an estate plan, your assets may be distributed according to state law, which may not align with your wishes. It can also lead to family disputes and legal battles.
Not Updating Your Plan
Life is unpredictable, and your estate plan should reflect changes in your life circumstances. Failing to update your plan can lead to unintended consequences. For example, if you get divorced, your ex-spouse may still be entitled to your assets if you haven't updated your estate plan.
Not Considering Tax Implications
Estate planning involves more than just distributing your assets. It also involves minimizing taxes. Failing to consider tax implications can lead to unnecessary taxes and a smaller inheritance for your loved ones.
Not Choosing the Right Executor
Choosing the right executor is crucial to fulfilling your wishes. Many people choose a family member or friend without considering their qualifications. Choosing someone who is trustworthy, organized, and has the necessary skills to manage your estate is important.
Not Planning for Incapacity
Estate planning doesn't just involve planning for after you pass away. It also involves planning for incapacity. If you become incapacitated, who will make decisions on your behalf? Without a plan, your family may have to go to court to appoint a guardian.
Let Us Help
By avoiding these mistakes and working with an experienced estate planning attorney, you can protect your family. At The Law Offices of Mark S. Knutson, S.C., we specialize in estate planning and can help you create a comprehensive plan that meets your unique needs.
Call our estate planning attorneys at (262) 205-0705 or fill out our online contact form to get started on scheduling your free phone consultation.