Many people in Texas and across the United States may understand how important it is to plan their estates. Your estate is comprised of everything you own, including your home, car, life insurance, checking accounts, and other personal possessions.
Effective estate planning involves making a plan in advance that designates who will receive your possessions upon your death. While estate planning might seem like a relatively straightforward process, the reality is that it can be incredibly complicated without professional assistance. Following are common estate planning mishaps you’ll want to avoid.
First, failing to properly name your beneficiaries is a common estate planning mistake. This can easily happen if you fail to designate beneficiaries whenever you open up new savings accounts or CDs. Depending on state laws, the probate process can last for years. If you haven’t properly named your beneficiaries, they may be forced to deal with a great deal of frustration when attempting to prove who the right beneficiaries should be to the court.
Many individuals fail to fund their trust after they’ve established one. To fund a trust, you’ll need to place various assets into it. These assets could include the beneficiary of your life insurance policy, your retirement accounts, annuities, or other financial resources.
Some people fail to go through the entire estate planning process. While the thought of sorting through your affairs might not seem exciting or pleasant, how you plan today could significantly impact your family in the future.
A solid and properly planned estate is one of the greatest gifts you can offer to your loved ones. If you’re ready to begin planning your estate, consider consulting with an experienced estate planning attorney. An attorney who understands the ins and outs of the entire process may be able to guide you through each aspect of planning your estate with greater success.