An estate plan communicates a person's wishes when they are no longer here. With a good plan in place, you can live with the assurance that your family and loved ones will not suffer if anything happens to you. A will ensures that your legacy lives on long after you are gone. Furthermore, the financial state of your estate is also secured. People sometimes make mistakes while drawing up their estate plans. You can avoid such mistakes by engaging the services of an estate planning lawyer. Here are a few mistakes that can be avoided when you engage a professional:
Listing Only One Beneficiary
You need to consider what could happen if your only beneficiary passed on before you. While it may be painful to consider, this is a possible outcome. Therefore, it is advisable to list primary and contingent beneficiaries. And the good thing about working with an estate planning lawyer is that they will help you define each and the events that could lead to them inheriting your estate.
Not Making Your Wishes For Your Final Arrangements Known
Losing a loved one is extremely difficult and can be traumatic. However, it can be less strenuous for your family and loved ones if your wishes are known and well-outlined. Such surety eliminates the strain of trying to guess and argue over what your wishes are.
These arrangements include end-of-life plans such as hospice and assisted living, which should be outlined well before needed while undeniably of sound mind. Besides this, the estate planning lawyer will help you to outline in your will how you want your life celebrated.
Not Considering Children's Futures
While you may want to compel your children to take on certain paths, you also need to be considerate of their futures. Be careful not to include clauses specific to your children's careers, marriages, or other crucial events in their future. Your children may desire to take a different path, and such clauses may exclude them from your estate. And when you engage an estate planning lawyer, they will help you to guide your children without including mandatory clauses.
Not Securing your Estate Plan
Your comprehensive estate plan may be useless if it is not easily accessible to your loved ones after you're gone. It would help to let a spouse, friend, or child in on the location of your estate plan. Creating an estate plan and securing its location helps give you peace of mind.
To set up your estate plan, contact an estate planning lawyer. They will help you set up a thorough estate plan while avoiding mistakes. They will also help to implement it when the time comes. This will eliminate confusion, leaving your family and loved ones covered.