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4 Estate Planning Mistakes You Want To Avoid
Irene Robertson
At the very least, it is common knowledge that everyone should have a will. Unfortunately, a will may not be enough, and can cause your heirs to be shortchanged. A will is only a single part of estate planning, because a will cannot accomplish everything that needs to be done. Keep reading to understand what to expect by using a will and additional estate planning methods.
Making Burial Wishes
A mistake that some people make is listing their wishes for their funeral in their will. The problem is that it can be difficult to locate a will immediately after someone dies, and those instructions may not be found until after the funeral happens. If you have specific instructions for your funeral, it's important that you give them to a family member that you trust, and that this document is separate from your will. It is the best way to ensure your instructions are found and followed after you pass away.
Setting Inheritance Conditions
Some people like to put conditions on receiving an inheritance. Be aware that not all states allow you to do this, and doing so can invalidate your entire will. There may only be reasonable conditions that can be set, such as using inherited money for an intended purpose. This is often done to for a loved one's education.
Always check with an estate planning attorney to make sure that any conditions you want are legal. Placing conditions on an inheritance also places the burden on your estate's executor, since they are responsible for enforcing any conditions you request.
Giving Inheritance To Pets
Pets are only considered as property, not a person that you can leave any an inheritance to. Be aware of what you can and cannot do involving your pet. Many people decide to leave a pet to a loved one, and also provide money to take care of the pet. The money can be conditional and used explicitly for pet needs, or be given without conditions.
Transferring Financial Accounts
Many types of financial accounts, such as a savings account or retirement account, have systems in place where the accounts are passed onto a beneficiary upon your death. This helps to account be transferred quickly, and won't require it to go through a will and the probate process. Know that if these accounts have a beneficiary, you do not need to list them again in your will.
For more tips to avoid mistakes, work with your estate planning lawyer, such as David S. Riehl, Attorney At Law.
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