Planning your estate is essential and without it, your loved ones could need to navigate a maze of legal processes after your death and your final wishes might not be recognized under state probate laws and laws regarding intestate succession.
The most common mistake people make when planning their estates is not taking the time to plan. For ensuring that you're final wishes are honored, speak to an attorney, and begin making plans for the protection of your loved ones now.
It is essential to designate an official guardian for the minor children of the estate plan. You may think that estate planning is solely concerned with your possessions or financial wealth.
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This is not the case. If you do not have an appointed, legal guardian, the government will decide who will raise your children if you pass away before they reach the age of legal maturity. The only way to assign guardianship is through your will. Make sure that the future of your children is covered through your will.
Joint ownership is another blunder that many people make when planning your estate. It is not uncommon for older people to include a minor child in their title of assets and possessions to avoid lengthy legal processes following their death.
This can be problematic due to various reasons. One reason is that joint ownership lowers the control that you enjoy over your estate.
Estate planning may take effect before your death. If you are gravely ill or incapacitated before you die the estate of your loved ones could pass to your beneficiaries.