Biggest Flaws of Estate Plans

Of all the mistakes made during the estate planning process, the worst is offense of all is not having an estate plan at all.  It does not matter how large or small your net worth is – and estate plan is essential for every individual.

Estate Planning Benefits

With proper estate planning, probate is much easier and allows your assets to  be dealt with in accordance with your wishes.  With proper estate planning, beneficiaries will receive their inheritance in accordance with the estate plan and there will be no confusion about how the estate should be divided.

Not Having an Estate Plan

In nearly any estate plan, assets are one of the main topics addressed.  Assets can be anything of value, including:

• real estate (property)
• antiques/furniture
• jewelry, artwork
• Cars/trucks/boats/RV’s (recreation vehicles)
• Currency (cash, stocks, bonds)
• IRA’s & 401k accounts; life insurance polices

With some simple estate planning, beneficiaries can be designated and you can ensure that your assets will go to the people you choose and help make the distribution of assets easier on your family.

Estate Plan - Minors Provision

Another important part of estate planning is creating trusts for children who are still minors at the time of death.  The basics of estate trusts are that money can be set aside for the benefit of a minor (i.e. your grandchildren) and will be protected and held in trust until the minor reaches the age your choose.

Estate Plan Legal Help

In order to ensure that your estate is handled the way you want it to be once you have died, it is important to consult an estate planning attorney to discuss your options.  Estate planning is essential for all people, no matter how much their estate is worth.