Is Your Estate Plan Being Threatened by One of These Issues?
You know you need an estate plan but having a poor estate plan can also be a recipe for disaster. While having an adequate estate plan can help with some of these disasters, there are still several threats that could derail your final wishes, as detailed below:
Family Conflict – According to most experts, family conflict is one of the top risks to a peaceful inheritance. If you treat your children differently during your estate plan, there is a good chance that your children will assume that a mistake was made when creating the documents, or that one of the children exerted undue influence on a parent. While this may or may not be the case, without any prior guidance from you, your family members may quickly start thinking the worst of each other.
Lack of Communication – If you opt to treat your children or other family members different than what is anticipated, it can cause issues. That’s why it is important to be open and honest about your plans prior to your death, so you can explain to your loved ones why you have made these decisions. Even if you don’t have this conversation with your family, be sure you do with your attorney so he or she can be sure your wishes are carried out the way you planned.
Taxes and Costs – When your loved ones are left to watch their inheritance get whittled down to nothing by fees and taxes it will only create hard feelings and frustration. When you prepare your estate plan it is for the benefit of your loved ones. An experienced estate planning attorney can help ensure that your assets aren’t handed over to the government instead of your loved ones the way you intended.
Choosing the Wrong Representative – The sad reality is that some day you may not be able to handle your affairs yourself. You need to be sure that you find someone to handle them for you that you can trust and who understands your final wishes. This may not be the person that is most convenient. In addition, don’t make the assumption that everyone will know who you want to be in charge. Ensure you give the proper authority to the right person by using a will, trust, and power of attorney.
Out of Date Documents – Our lives are continually changing which is why it is important to review your estate plan frequently. A death or birth in the family, a purchase or sale of a major asset, or a change in health all constitute important times to review your plan. You should keep in touch with your estate planning attorney regularly to make adjustments for changes in your life as well as to ensure that there hasn’t been a change in the laws that could impact your estate plan.
Contact an Experienced Estate Planning Attorney Today
No one wants to create more issues with their estate plan, or worse yet, their lack of planning. That’s why it is important to contact Tampa estate planning attorney David Toback today and let us help you ensure that your final wishes are carried out as smoothly as possible when the time comes.