It might seem as if detailing your wishes for your assets and property on paper is all you have to do to protect your legacy for when you die. Unfortunately, even the best-made plans are unenforceable without the right contingencies and estate plan documents.
To strengthen your estate plans and put a stop to potential issues that could eat away at its value, you should avoid the following mistakes.
Failing to plan for the future
Part of creating an effective estate plan is you including instructions for the possibility of you seriously falling ill or living longer than expected before you die. The challenge of new responsibilities and grief can make it challenging for your loved ones to follow your wishes. Documenting your instructions in your estate plans ensures they are not overlooked and helps to preserve your end-of-life well-being. Also, utilizing the right resources in your estate plans, such as Medicaid planning, Veterans benefits and long-term care insurance can help minimize unexpected long-term care or medical treatment costs you may require near the end of your life.
Not choosing beneficiaries
The law requires your property and assets to transfer to your next of kin when you die. It also determines who your closest relatives are. Without naming the loved ones you want to inherit from your estate in your plans, you leave the transfer of ownership up to the interpretation of probate court. To prevent the likelihood of someone else getting your stuff, include the legal name of each beneficiary and an accurate title and description of the assets you want them to receive.
Learn to harness the power of estate planning to preserve your legacy and take your asset-protection game to a whole new level.