Top Three Most Common Estate Planning Mistakes
Creating an estate plan should never be taken lightly. It should be done methodically. While such a plan can be modified to suit your changing financial or familial circumstances, errors can still arise.
Attorney J. Kevin Tharpe has been handling estate planning for children, adults and seniors in Northeast Georgia for over 25 years. He has seen many people take action to protect themselves — many of which are unnecessary.
Here are the top three most common mistakes he has seen through the years.
1. Failing To Make A Legally Valid Estate Plan
Whether the document is a will or trust, both can be challenged. Many will-makers or grantors fail to thoroughly articulate their wishes or stipulations within their plans. These documents also commonly fail to adhere to appropriate state law requirements.
2. Overlooking Important Details
Some people mistakenly fail to include some important assets in their estate plan. It can be because of simple oversight, because they come into possession of property after the original estate plan is drafted or because they assume family members can peacefully decide what property goes to whom. Unfortunately, failing to include all assets in your estate often leads to a bitter battle in court among your loved ones.
3. Choosing The Wrong Personal Representative
For every will or trust, a person must be selected to oversee its administration. However, not everyone is capable of directing your estate through the complex probate process, such as satisfying tax, payment and distribution requirements.
Avoiding These Pitfalls
The best solution: Obtain the guidance of an experienced estate planning attorney in your area.
An estate planning lawyer, such as J. Kevin Tharpe, can make sure that every minuscule detail is considered, planned for and every provision is enforceable.
Over 25 Years Of Experience. Schedule A Consult With J. Kevin Tharpe Today
With over 25 years handling these documents for individuals in Northeast Georgia, you can be rest assured that you will walk away with a solid, airtight estate plan or trust.