Estate Planning

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Estate planning is important; without one, your loved ones may have to wade through tedious legal procedures after you die and your final wishes may not be recognized by state probate and intestate laws. In fact, the most common mistake people make when planning their estates is not actually taking the time to plan. To ensure that your last wishes are acknowledge, talk to an attorney and begin planning for the security of you loved ones today.

It is important to name a legal guardian for your minor children in your estate plan. Until now, you may have assumed that estate planning only involved your personal belongings and financial assets. This is false. Without an assigned, legal guardian, the state will decide who raises your children if …show more content…
It is not unusually for elderly people to add an adult child to the title of their belongings and assets to avoid complicated legal procedures after they pass away. This may be problematic for several reasons. First, joint ownership decreases the amount of control you have over you estate - you might even lose some of your assets to your joint owner's creditors or ex-spouse.

After you die, your assets will probably be distributed via the probate process. If you have a will, your loved ones cannot receive their inheritances until probate is complete. One common mistake made by individuals planning their estates is failing to avoid probate. Probate is tedious, but you may be able to avoid it by establishing co-ownership, beneficiary designations or a revocable living trust. Because co-ownership is not preferred, the best way to avoid probate is through a living trust.

Estate planning can take effect before you die. If you become seriously ill or incapacitated before you pass away, your estate may fall into the hands of your beneficiaries. For example, if you suffer a stroke and are unable to manage your assets, someone else will be appointed to take care of them. If you plan ahead for incapacity, you are able to control who will be in charge of you estate if you become seriously. Additionally, you may include instruction for your medical care in the event of serious
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