To most people, estate planning is one of the most confusing endeavors to undertake. Often, it is difficult to even begin such a task, but many agree that putting an estate plan in place is important. The good news is that working with a lawyer simplifies this process for most Omaha residents. Another benefit of attorney assistance is avoiding the mistakes that many people make when they attempt estate planning alone.
If you are looking into creating an estate plan, then you have already avoided the biggest mistake, which is having no plan at all. Below are four additional mistakes to avoid.
The executor: This person will be in charge of your estate after you are gone. Picking the right person is critical for your family members. A lawyer helps you study your list of candidates while advising you about the qualities to look for in an executor.
Regular updates: In order for your estate plan to give you and your loved ones the best protection, you should review it periodically and update as necessary. For example, if you get a divorce, you may wish to remove your spouse from your plan.
Tax issues: Minimizing estate taxes for your family members is one area of estate planning that confuses people. Your attorney can help you address this issue and suggest ways to reduce taxes for the loved ones you leave behind.
Possible disability: Although you may be healthy right now, you never know what awaits you down the road. Use estate planning to prepare you and your family if an unexpected disability leaves you incapacitated. A lawyer can help you draft protective legal documents such as powers of attorney, trusts and health care directives.
In the end, your estate planning efforts have the best chance of meeting your needs when no errors exist. A well-drafted plan will also give you and your family peace of mind about sensitive end-of-life issues.