Estate planning is the procedure in which an individual makes arrangements to distribute their estate in the event of death or incapacitation. It also enables you to decide the guardianship of minor children and pay off debts and taxes. To protect and secure the future of your loved ones, you need a legally valid estate plan.
It is recommended to consult and seek the guidance of a Ridgeland estate lawyer that can help you make the right plan to care for your family’s needs.
What mistakes should you not make?
- Not consulting an attorney.
While you plan your estate, you may face several legal complexities that are overwhelming to navigate without the specialized knowledge of estate law. You are bound to make several errors that affect the future of your loved ones.Wills and estates lawyers Sydney can help you understand the common issues that arise during planning and make well-informed decisions. They explain the pertinent laws to your case to help you have a sense of clarity and clear any queries you may have.
- Not planning your estate.
Often, people do not understand the importance of having an effective estate plan after they pass away. If the person died intestate, the distribution of your assets is handled as per the laws in your state. The decisions made by the court may not be following your wishes, and your family may suffer financially and mentally, dealing with the exhaustive legal procedure.
- Not communicating with your beneficiaries.
While it may not be applicable in every case, it is advised to discuss it with your beneficiaries before finalizing the estate plan. Any person receiving some or all of your estate is a beneficiary. By putting things into perspective about the decisions you took regarding them before passing away, the chances of them contesting your will diminishes. A contested will is a will that has been disputed and requires a lengthy legal process.
- Not considering how taxation will affect your estate.
While planning your estate, you may not realize how taxes can impact your assets. Your choices may result in your beneficiaries facing huge taxation on their inheritance. Estate planning with a skilled attorney helps avoid this and ensures that your assets are distributed in a manner that the tax burden is significantly reduced and they are protected.
An experienced attorney’s presence ensures that your estate plan is successfully executed according to your wishes after your death. They help cease the concerns and fears a person has about the state of their family after their death.