Have a question? Call us on 01625 503 444
Have a question? Call us on 01625 503 444
This article was published on March 24th, 2022
Planning for the future is essential. Estate planning ensures that your wishes are carried out after you die. Without it, your loved ones may face difficult decisions. This article will cover some of the most common mistakes people make when planning their estate, and how you can avoid them.
Estate planning is a legal/financial process for determining how you want your property to be distributed after your death. Ensuring that the wishes expressed are carried out exactly as they were intended – regardless of how complex those wishes may be. An estate plan can also help minimize taxes and reduce the costs associated with probate, trust administration and litigation related to estates. This is a particularly important consideration for anyone with young or disabled children or elderly parents who rely on them financially. You may consider lifetime gifting and keep accurate records. You may need a new Will.
The most common estate planning mistake is simply not having one at all. None of us like to think about death, however, it is inevitable and planning for what will happen after you die is incredibly important. Having an estate plan should ensure your personal and financial affairs will be handled properly.
Many changes can take place throughout your life, and your Will must reflect these changes so that assets you leave behind are given to those you intend. It is recommended that you perform a periodic update of your Will. New Inheritance Tax Laws came in to force in April 2017 so people who made Wills before then should review their Wills or they could be missing out on some extra inheritance tax allowance.
This is another common mistake when it comes to planning your estate. You should designate more than one executor (or at least a substitute) and more than one beneficiary (or again at least a substitute). In the event they were to die before you do, you will still have someone to carry out your wishes and beneficiaries to inherit.
A common misconception about an estate plan is that it only includes information about what should happen after you die. It should include your wishes should you become disabled or end up in long-term care. Without proper disability planning, if you become incapacitated, your family will likely be forced to institute guardianship proceedings. You should look at signing Lasting Powers of Attorney documents to ensure an attorney is in place to deal on your behalf if you are no longer able.
Finally, one of the most common mistakes you can make is not meeting with a specialist solicitor, particularly if you have a complex situation or have doubts about your ability to draft an estate plan. Our experienced solicitors can provide as much legal advice and support as you require, guiding you through all aspects of making a Will, making a power of attorney and estate administration. Putting your wishes and best interests first at all times is of utmost importance to our team.
Above are just some of the common estate planning mistakes to avoid. Our Wills, Trust and Probate solicitors will advise you on all aspects of estate planning in a professional and friendly environment. Our bespoke documents will ensure that your assets are protected according to your wishes, giving you peace of mind. For more information and advice, contact our expert solicitors on 01625 503 444 or by filling out our simple enquiry form.
