3 Mistakes Made During Estate Planning

Whether you have a large estate or a modest one, as the owner, you must settle all of your affairs while you still have the ability to do so. There are various issues and common mistakes that people make when it comes to estate planning. This blog will go over some of the issues to watch out for:

Lack of Discussion with Family

In most cases, it’s recommended that people have a solid discussion with their family members regarding estate planning beforehand. In case of the death of the estate’s owners, there are no disagreements down the line as all terms are thoroughly discussed. It can eliminate the chances of any will being contested later on in the future.

Estate planning discussion on paper.

During estate planning, have close family members such as your spouse, adult children, and other important relatives who are key figures in the family.

Not Paying Attention to Taxes

There are several considerations to pay attention to with regards to tax concerns during estate planning. A real estate attorney is crucial in this aspect, as they can help figure out if any state estate taxes apply for your current property. Paying off your beneficiaries may not be so easy before estate taxes are paid off.

Tax planning on paper.

For larger estates, there are more significant federal taxes applicable that you will have to look into depending on the size of your property.

Naming A Single Beneficiary

A common mistake is naming just one single person as a beneficiary. Often, this is either your sole child or spouse. In the unfortunate event of them passing away before you do, it’s essential to have a secondary beneficiary. This is referred to as a contingency beneficiary that will take on any asset or part of the estate upon the death of the primary beneficiary.

A real estate attorney will go over the various details regarding a contingency beneficiary and what assets can be passed on to them.

Acquiring Legal Services

Because of the various details that have to be considered for estate planning, you can heavily benefit from having an experienced estate lawyer who can sort out the details. At Ledwidge & Associates, we specialize in real estate law to help you sort out any family planning concerns.

The business also offers family law, divorce, or Litigation lawyer Brooklyn, Litigation lawyer Queens  services for a well-rounded solution overall.

 

Leave a Comment

Your email address will not be published. Required fields are marked *