Estate Planning Mistakes that Even Experts Make

Estate planning isn’t easy; most people need a professional to guide them through the process. However, there are some planning mistakes that happen even with professional guidance from an estate planning lawyer in San Diego, ones that can definitely be avoided.

Mistake Number 1: Not Having an Estate Plan

It’s a harsh reality, but death is inevitable. Planning for it isn’t morbid; it’s smart. An estate plan helps benefit those who are left behind, and makes taking care of affairs much, much easier.

Plus, the person who plans for the inevitable will have a say over what happens to their assets when they leave this earth. They can provide for their loved ones. They can donate to causes that are close to their hearts. Best of all, they can leave behind a legacy that not only does good work in the world, but also is carried out effectively.

Mistake Number 2: Not Coordinating Every Single Applicable Asset in the Estate

An estate can get complicated. A testator (the person creating a will for their estate) can neglect to mention assets that will be distributed upon their death – probably because they don’t know certain property or funds fall under that umbrella. A good estate planner will get to the bottom of all possible assets for their client, being thorough in the process so nothing is missed or neglected.

Mistake Number 3: Failing to Update a Will

Estate planning is an ongoing process, especially if one starts planning early enough. As life changes occur, an estate plan will need to be updated to reflect those changes and ensure that the wishes of the testator are carried out.

Divorces, medical conditions, deaths in the family, and more – all of these things will affect a person’s assets or to whom they will be distributed. An estate planning lawyer in San Diego can help update a will and stay on top of changes in their client’s estate so that nothing goes overlooked.

Mistake Number 4: Choosing the Wrong Person to Serve as Estate Executor

The executor of the estate is the person who carries out its terms. Many people turn to their closest loved ones when choosing who will serve as the executor of their estate; however, this is not, perhaps, the wisest choice.

Close loved ones often are not able to be objective when it comes to assets, property, and money that belonged to their spouse, mother or father, or sibling. Taking on the role of an executor is a taxing job with many duties that must be carried out efficiently – a person who can handle these things objectively, without personal interests getting in the way, may instead need to be a distant relative, friend, or trusted business relationship.

For Estate Planning, Careful Attention to Detail is a Must

Estate planning is a good idea, but mistakes can thwart the best of intentions. Those figuring out their end-of-life plan should be careful to avoid common errors, which can be done if they are vigilant and rely on an estate planning lawyer in San Diego. A professional can check all the boxes, making sure the plan is thorough and sensible.

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