Estate planning is essential to protecting your assets and providing for loved ones after you are gone or incapacitated. Some lawyers like veteran John Branca attorney know the pitfalls of estate planning, especially when dealing with high-profile estates. There are lots of traps that lawyers and clients can fall into when planning for the future. Here are a few of those traps so you can avoid them in your own planning.
Ignoring Tech Assets
Your social media accounts and online bank information might not be the first things that come to mind when planning how your estate is handled. In modern times, however, these things can be crucial when considering how they will be handled in the event you can no longer run them. A solution to this problem is naming an executor who is responsible for overseeing all of the digital aspects of your estate.
Forgetting To Plan for Loved Ones
A will is essential to making sure your assets go where they are supposed to, and failing to address this in time means someone outside of your family will be making decisions for you. The video below shows John Branca attorney discussing how much trouble this caused with Prince’s estate and how it could have been avoided with proper planning.
Not Taking Taxes Into Consideration
When leaving assets to family and friends, it’s essential to think about what will be taxed and strategize accordingly. If you fail to do this, you may be leaving much less than you think to them. Consider how you might like your assets to be used and then plan based on your hopes.
Not Updating Your Will
Your assets and blueprint will change as time goes on, and this will require you to update your will to reflect your current life. An outdated will means more problems for those handling your estate later and potentially leaving vital people off of your beneficiary list. As John Branca attorney stated above, this can be avoided with proper arrangements. Make sure to check in on your plan every five years minimum, especially after any major shifts have taken place in your life.
Estate planning is not limited to high-profile clients. Everyone needs to plan for their future and their family’s future in case of an emergency. By paying attention to the list above, you can avoid falling into some of the common traps that people find when writing their wills. A thorough vision will help create peace of mind for you and your family.