Most people assume that estate planning is only for the rich. However, planning what happens to your assets after you pass away or if you become incapacitated can go a long way. Estate planning is a complex process, but things can get a bit easier with the help of an avocat fiduciaire Litvack Dessureault LLP.
Since the process is complicated, it is easy to mess things up. A properly documented estate plan can increase the value of your estate and reduce the chances of conflicts among your heirs. An avocat fiduciaire Litvack Dessureault LLP can prevent you from making grave mistakes.
Ways to mess up your estate planning
- Not updating your estate plan regularly.
Many people write a Will very early in their lives. They may appoint a guardian upon the birth of their first child. However, there occur various changes in life that require one to make changes in their estate plan. For example, grandparents may die, someone starts a business, more children are born, parents buy a home, there may be a divorce, etc.
If these changes have occurred in your life, but you still have not updated your estate plan, your loved ones could have various problems when you pass away.
- Forgetting to update your beneficiaries.
Every family experiences changes, such as births, deaths, and marriages. Each of these events can affect your life and demand a change in your estate plan. When you get married, you may want to include your new spouse in your Will as well as your kids. New arrivals and deaths in the family call for an update, and you must do it as soon as possible.
An attorney can tell you when is the right to make changes in your Will.
- Poor communication.
If you have told your loved ones that you will do one thing with your assets but ended up doing something else, then it is sure to hurt their feelings. If you must make changes in your plan, then it is recommended to at least leave a note explaining why you did what you did. Even if they are unhappy with your decision, they will at least receive an explanation they deserve.
- Not planning for disability.
Most people think they will not become disabled. However, the reality is different. You can get disabled due to a number of reasons. Nobody thinks it will actually happen to them until it finally does. That is why planning early is recommended. Appoint a trusted person as a durable power of attorney to make decisions on your behalf.