Don’t Make These Estate Planning Mistakes
As you manage your estate planning, it is important to avoid certain mistakes. An experienced estate planning attorney can help you avoid mistakes and help you manage your estate. Avoiding common mistakes can make things much easier on your loved ones after you die as they work towards meeting your final wishes and dividing your assets. Our Georgia estate planning attorneys are providing you with tips on estate planning mistakes that you should avoid.
How to Avoid Estate Planning Mistakes
The best way to avoid estate planning mistakes is by having a Georgia estate planning attorney walk you through the process. An attorney understands the laws of Georgia, what you can and cannot put in a trust, how to write an effective will, and how to explain your wishes to your family members. Creating a plan by yourself can lead to a lot of heartache, frustration, and stress for your surviving loved ones after you are gone.
Top Estate Planning Mistakes to Avoid
There are a lot of mistakes you can make when going through the estate planning process, some of which can be fixed the minute you meet with an experienced estate planning attorney. Below, you will find the most common estate planning mistakes to avoid.
Not Updating Your Estate Plan Documents After Going Through a Divorce
A divorce is tough enough, but failing to update your estate documents following a divorce can make your life even harder. Every single document in your estate plan should be updated by removing the name of your former spouse. This includes removing their name as beneficiary to any accounts you have. You should also make sure their name is removed from the will, a trust, and anything else it appears.
Failing to Update Your Will Every Few Years
A will should be updated every couple of years with the help of an estate planning attorney. Laws change, people die, and your feelings about those still in your life change. Review your will with an attorney to determine if new laws impact how it is written, if anyone named in it is now deceased, and if you need to add or remove anyone.
Not Having Enough Cash to Pay Gifts
If your will lists charities that are to be given cash gifts upon your death, it is important to make sure that there is enough cash available upon your death to make these gifts. If there is not enough cash, your home might have to be sold to make the contributions to the named charities.
Unintentional Beneficiary Designations
A will might name family members or friends who are to receive assets upon your death. However, if someone else is listed as the beneficiary of a life insurance policy or a payable-on-death account, those named in the will might not have any assets available to them when you die.
Not Communicating Your Wishes
Even if you have a will and other estate planning documents in place, a common mistake is not communicating your wishes. Once you have the documents signed and notarized, it is time to have a frank discussion with your adult children and anyone else named in those documents. Inform them as to who will be getting which asset so there are no fights after your death.
Contact an Experienced Georgia Estate Planning Attorney Today
If you need assistance creating or revising your estate planning documents, Jammie Taire and the Smith Taire Legal team can help. We educate our clients on their estate planning options and make sure their final wishes are legally binding. Call us at 678-253-8133 if you have questions about your estate planning or wish to meet with an experienced Georgia estate planning attorney.