4 Common Estate Planning Mistakes to Avoid

A lot of people don't like to be reminded of their mortality. And when it comes to issues of family wealth, so many people make the mistake of not having an estate plan at all. Well, unsettling as it may sound, death can strike at an unexpected moment, so it would be nice to at least not leave your family in shambles. Keep in mind that f you don't divide your property, the state will do it as it deems fit.

No matter what type of family set up you're in, if you are the head of the family, you should speak to an estate lawyer soon so that it's clear how your possessions and family affairs should be handled after you're gone. Having said that, here are four of the most common estate planning mistakes you'd do well to avoid:

Not seeking professional assistance

Estate plans aren't that simple and straightforward, so not seeking help from legal and financial professionals is a mistake. Enlisting the services of an estate planning law firm or lawyer at http://www.upchurchlaw.com/legal-services/ is advisable as assets and tax laws are usually complicated. An experienced lawyer can help with tax-planning strategies that will help you minimize or avoid paying large sums in estate taxes.

Having an outdated will

Change is constantly happening to people, families and businesses. An outdated will does not account for new births or deaths, or newly acquired or lost property. It is that important to have your will updated regularly to reflect the latest movements.

Not planning for disability

Besides death, being struck with a debilitating disability is the other reason you would need an estate plan. Accidents happen all the time, sometimes leading to long-term physical (and even mental) incapacitation of the victims. With an estate plan in plan, questions such as who should take charge of the finances, who should raise the kids, and who should make important decisions on your behalf will have been addressed. Learn how to choose  a good realtor with these steps in http://www.ehow.com/how_5219306_choose-realtor-selling-home.html .

Wrong choice of person to take care of estate

It's okay to acknowledge that even if you like a certain person, they might not be the best choice for leading the estate when you're incapacitated or gone. The natural choice for most people is the spouse or one of the children, but it's not always a great choice if the trustee is too much invested in the estate. What you would need instead is a person who's less invested and therefore able to view things more objectively, visit website here!