The old saying, "you can't take it with you when you die" is actually a true statement that many people need to understand in more depth. Considering death is inevitable, ensuring your assets and belongings are designated to the proper people is imperative, especially since you cannot take it all with you. Unfortunately, the majority of people in the United States do not have a will. In addition, even more people do not know where to begin with proper estate planning. By avoiding these mistakes, you will be able to plan your estate in an effective and efficient manner.
Believing It's Only Necessary for Wealthy People
If you do not consider yourself wealthy, you may think a will is not necessary, which is one of the most common estate planning mistakes you can make. A will is imperative whether you have a lot of property, cash, or stocks.
It is important for ensuring your children are provided for financially, but it is also necessary for making sure they are provided for physically. This should give you, and other family members, peace of mind after your death.
Finally, planning your estate also makes sure decisions are made by the right people after you are no longer able to make the decisions. If you are dealing with a medical condition that prevents you from making decisions on your future care, your living will can state who will be the person responsible for these decisions.
You may not be considered rich, but a will helps sort of more than just your financials once you have passed away.
Not Naming the Right Trustee
Being the executor of your estate is a big task. Therefore, you will want to make sure this person can handle all of the financial, physical, and emotional issues that will arise after your death. It is important to choose a trustee that you can actually trust to make the right decisions.
Age is not always the most important factor when choosing a trustee for your estate. Your eldest child may be mature in age, but they may not be emotionally or financially mature. Choosing someone who is responsible in all aspects of their life and someone who lives near you is ideal especially if you will be in the hospital or under hospice care for a long period of time.
Estate planning does not have to be problematic. This guide will help you avoid common mistakes that affect your estate after you pass away. Contact a trusts lawyer for more help.