Deciding to draft an estate plan is a big step in the right direction of protecting your assets and providing for your family. However, there are additional steps that go beyond the basics of writing a will and signing off on beneficiaries. In this blog, we share four issues you can avoid in your estate planning experience.
Settlement Delays | This comes down to efficiency. How fast do you want your estate to be settled once the time comes? You don’t want your loved ones burdened by an ambiguous estate plan. Be sure to clearly spell out your wishes, designate the right executor or trustee and try to prepare for circumstances outside of your control. By doing so, you can rest assured that you have provided clear direction. You’ll also provide that there will be efficient distribution of your estate.
Family Disagreements | Family dynamics can be messy and cumbersome; especially during stressful times. When it comes to safeguarding your plans, be sure to involve family in your estate planning process. Discuss your intentions with beneficiaries and by doing so you’ll create a sense of trust within your family. This limits doubt and suspicion in the settlement process later.
Transfer of Asset Issues | Do all you can to limit unnecessary tax liability. Hire an experienced attorney to help build your plan. Make it a priority to review your plan annually and make changes according to new laws and changes in your life.
Lack of a Contingency Plan | What if you become incapacitated and are deemed unable to make your own decisions? Designate a person you trust that can make those decisions for you. Choose someone you can trust and who is willing to protect your wishes and avoid conflicts of interest.
As always if you have any estate planning questions, feel free to schedule a consultation with The Ruffin Firm and we will work with you to provide for the future and protect your family’s legacy.