As you reach your old age, if you haven’t started planning for your family’s future, you should think about doing so as soon as possible. In a survey of elders, when asked why they currently do not have a will, roughly 57% of respondents admitted that they “just haven’t gotten around to making one.” Drafting a will is easy and takes only a few minutes, but there are a few estate planning mistakes that you should be careful not to make.
Not Working With a Professional Estate Planning Lawyer
Although the act of actually drafting a will is easy, there is still much more that goes into estate planning than just a few pieces of paper. Experienced estate planning lawyers can help you determine exactly how all your assets are to be divided in the future and will help you and your family.
Thinking Your Set After You’ve Created a Trust
Having a will does indicate who gets what in the event of you passion on, but your estate, if not taken care of beforehand, could end up going through a public probate process and that can get messy. If you have a revocable trust, however, it ensures that the privacy of all your heirs are protected in the future. You’ll have to fund that revocable trust, though, and they are not for everyone.
Giving Away Too Much Too Early
Many parents who start establishing trusts when their children are toddlers assume that when those kids are in their 20s, they will be knowledgeable and responsible enough to handle their own finances and inheritances. But, clearly, this isn’t always the case with young adults, as parents soon realize that those kids aren’t exactly ready for that kind of financial responsibility.
“Estate Planning is Only for the Rich”
This common misconception can have a negative impact on your family’s future. Truth is, estate planning is for any responsible adult who wants to ensure their family is going to be ok in the future. Professionals even recommend that anyone over the age of 18 should setup an estate plan in the event of an unfortunate situation.
If it’s that time for you to start planning your future, contact the Horn Law Group and speak with an estate planning lawyer today.