We’ve learned that a lot of people like to put off planning for their death. It’s not a fun subject and can sometimes cause great stress on those involved. However, it’s important to realize you already have an Estate Plan in place whether you like it or not. The state you reside in as a standard flow of your assets if you die without a Will or Trust in place. Remember, the way the state directs your assets may not be what you want or desire.
By creating your Estate Plan now then you can avoid losing control over your assets. Here are some of the common Estate Planning mistakes we see.
ONE: not establishing the Estate Plan you want. It’s vital to make sure your important assets are passed down to the loved ones and charities you want.
TWO: Forgetting to update your Estate Plan. When you have children, grandchildren or remarry it’s important to update your Will or Trust. A periodic review of your Estate Planning documents can ensure your wishes are still up-to-date.
THREE: Forgetting to make gifts that can help reduce your estate tax. By talking with your tax preparer you should be able to plan gifts that can help reduce your tax liability.
FOUR: Selecting the wrong person to handle your estate. Choosing an Executor is a difficult choice for most people. Who you place in charge can have a serious impact on your estate.
FIVE: Putting it off. By thinking you can take care of your Estate Plan another time is a big mistake. Putting it off doesn’t make it go away. Sometimes the realization comes too late, such as when there is an unexpected death or disability. To avoid the stress of not having your Estate Plan established, go ahead and take care of it as soon as possible.
If you need help with your Estate Plan, give us a call at 573-686-3053. Dairel is a Board Certified Trust Specialist and can help you make the most of your tax planning.