Posted on July 22, 2020
Costly Estate Planning Mistakes
Why work hard to make capital just to get your fantasies ruined or your loved ones left with much less than you expected? People make mistakes that may put their families in trouble. You may avoid these mistakes by hiring a reputed Irvine lawyer.
From wills to trusts and beyond, protect your nearest and dearest by preventing these three pricey but very common estate-planning mistakes.
Forgoing a professional's review
There is nothing wrong with saving a couple of bucks by drafting your estate-planning documents. You may find templates for simple wills on the internet. Just make sure you put money with the help of a specialist to be certain everything will be in order.
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Good estate planning ensures that your dreams will be followed closely. Don't forget to update your estate plan as soon as your loved ones or the law varies.
Failing to link your company to your own estate plan
If you have a company, include it on your own estate plan. Parents sometimes do not wish to speak with their children about it and simply leave the company to the children. That is a massive mistake.
Leaving lump sums
In case you have the cash to leave for your family, make sure that it makes a difference in your loved ones' lives by leaving it at a trust, instead of money.
With a trust, you transfer property to a trustee, who's bound by a trust arrangement. The trust arrangement stipulates how you are interested in getting the property spread. So instead of giving property outright to a beneficiary, the trustee retains your home and doles it as per your instructions.