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Improper estate planning might cause some to think they are prepared

People who have an estate plan can give themselves a pat on the back. This is a step that many people don't do throughout their lives. Far too many people end up passing away or are involved in a debilitating accident with little plans in place to prepare their relatives for the future. Some people pass away with no estate plan. While some estate plan is better than nothing, it is important that estate planning is done properly.

Making sure wills are specific to a family's needs is very important. Sometimes online documents provide basic outlines of legal estate planning, but they might not be specific enough for certain situations. This is a common mistake with today's do-it-yourself online services. Another common mistake is gifting too much to an heir because of tax planning purposes. Up until the end of this year, there is a large tax break opportunity for those who wish to gift part of an estate to another person.

This opportunity can be a great way to plan an estate, but it is important that people don't gift too much money that they can't maintain their lifestyle. Another common mistake is setting up a trust that has no purpose. To use a trust effectively, people might need to re-title other assets. Not doing so would leave those assets under the original name, ignoring the benefit of a trust.

Speaking with an experienced estate planning attorney might be a wise decision. While estate planning documents might be obtainable off the Internet, an attorney can help make sure the documents are tailored to a person's specific situation.


Source:
onwallstreet.com, "10 Biggest Estate Planning Mistakes," Elizabeth Wine, Nov. 1, 2012

-Estate planning should be done with caution. To learn more, please visit our website.

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