Planning an estate may seem simple, or may seem unnecessary for those with average or modest assets. Planning an estate is necessary for anyone who owns assets. But, planning an estate properly is the key.
Here are 3 pitfalls to avoid to make sure your estate is planned properly:
1. Don’t use a template.
Templates oversimplify the complexities of individual estates. They usually don’t accurately reflect your wishes. They don’t know your family, your estate, or your plan. Templates are for emergencies and preparations in a pinch, templates are not for proactive, accurate planning.
Preparing a plan is one thing, but putting it in action is another. A trust with no assets to fund it is not useful to protect your estate. After preparing your trust, you must transfer assets into your trust. Transferring assets helps avoid probate and protect your legacy.
3. Don’t forget to make edits.
A plan that reflects your wishes, your assets, and your family when you first prepared it may not be the plan you need now. Typically, a plan does not need to be overhauled, just updated to reflect what is needed.
If you need help avoiding these few pitfalls and preparing a plan that accurately reflects your plan for yourself, your family, and your estate, contact the Boutique Law Group. We ensure that every estate plan we prepare is exactly what the client needs. We provide free consultations for our client’s initial meeting, and for our clients’ subsequent amendment consultations. The team at BLG provides peace of mind, ensuring that every client understands every word in their customized plan.