Estate planning is a complex process. It’s essential to understand how to properly approach the task so there are no mistakes that leave your assets in the wrong hands or cause a family dispute. Following a few do’s and don’ts while putting your affairs in order will help to ensure your final wishes are carried out and your loved ones are taken care of as intended. 

Do: 

Seek professional help. 

There is quite a bit to take into account when developing an estate plan, and it takes an experienced legal professional to make sure you haven’t left out anything important. An attorney will be able to explain the more intricate details of estate planning and help determine the best options for your situation.

Execute your will appropriately.

Every state has its own requirements for executing a will so that it stands up in court. Follow the appropriate procedure to avoid any question of its validity during the probate process and save your family the trouble of going through a will contest. 

Consider all the documents you may need. 

Though it’s the most commonly used, a will is not the only estate planning document available. To put together a comprehensive estate plan that meets all your needs, you must also consider how a trust, living will, and power of attorney may apply to your circumstances. 

Review your estate plan regularly. 

Big life events such as marriage, divorce, birth, and death are likely to change how you want your assets to be distributed. This makes it crucial to periodically review your estate plan documents and revise them when necessary so they reflect your current life situation and desires. 

Don’t: 

Procrastinate.

Many people make the mistake of putting off estate planning. Some believe they’re too young or don’t have enough assets while others simply don’t want to think about their impending death. Whatever the reason, the reality is that tragedy can strike at any time, and it’s imperative to have an estate plan in place.

Fail to plan for incapacity. 

An estate plan is not only meant to protect your family’s future, but yours as well. Should you become incapacitated, a power of attorney will designate someone you trust to make medical and financial decisions on your behalf. In the event you are terminal or in a permanent vegetative state, a living will serves to specify your end-of-life care preferences. 

Neglect to plan for your pets. 

Pets are considered part of the family too, so you want to make certain yours will still be cared for after your death. Using your estate plan to appoint a caregiver or organization you trust to take your pet in will keep them from going to a shelter.

Forget to name alternate executors & beneficiaries. 

Since life is unpredictable, it’s a good idea to name alternate executors of your estate and beneficiaries. There is a possibility your first choices could pass away before you or an executor decide they no longer wish to carry the responsibility. Without alternates, the court will make decisions as to your estate administration.

 

These tips will help to simplify the estate planning process and prevent you from making costly errors. Fortunately, Pater, Pater & Halverson offers the residents of Hamilton, OH, step-by-step guidance when it comes to creating a solid estate plan. The firm’s attorneys have more than 90 years of combined experience providing quality legal services. Call (513) 867-1411 or visit them online for more information about how they can assist you.