Common Mistakes In Estate Planning
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Contrary to popular belief, estate planning is not just something for the wealthy. It is something that everyone needs. An estate plan will allow you to increase the value of the estate that you will pass to your beneficiaries and heirs. Proper estate planning in Brea will ensure that your loved ones do not suffer financial hardship when you are gone. However, there are a number of mistakes that you will need to avoid making during the estate planning process.
Not Updating Your Will
There are many changes in your life that will cause you to have to update your will. This includes things such as deaths, births and buying new property. In order to ensure that your assets are left to the person you intend them to, you will need to update your will periodically.
Not Planning for Disability
A disability can have a major effect on your financial and personal affairs. You will have to consider who will raise your children, manage your finances and make your healthcare decisions. That is why you will have to either create a living trust or appoint a power of attorney.
Letting the Wrong Person Handle Your Estate
Many people think that their spouse or child is the best person to handle their estate. However, there is a lot involved in handling estate affairs. That is why someone else may be a better choice.
Not Making Gifts
You can reduce your estate taxes by making gifts. Each spouse can make an unlimited number of gifts up to $15,000 per year without being taxed for them. Not only can you save money in taxes, but you can also make a positive impact on the people you donate to.
Fridley Law Firm can help you avoid the mistakes that people typically make during the estate planning process. Your attorney can make sure that all of the bases are covered.