Death is unpredictable, which is why it’s important to hire an estate-planning attorney and make sure you’ve planned for everything beforehand. Not doing so can put your loved ones in trouble while they’re still mourning over your death. This blog post will highlight three common mistakes people make when estate planning.
Not Having a Will
Not having a will is one of the biggest mistakes people make. If you don’t have a will, your property and assets will likely be divided according to your state’s intestacy laws. That means that your loved ones will have no control over your wealth, and they’ll only get the share determined by the state. You can avoid these things by writing a comprehensive will.
Leaving Things Ambiguous
Often, when planning their estate or writing a will, people leave behind a lot of ambiguity. Ambiguity can sometimes cause disputes between loved ones and make matters complicated. Although a probate lawyer can help your family members settle these matters, it can take months or even years if your will is ambiguous. Worst case scenario: the government seizes your property and wealth if your family cannot reach an agreement.
Writing Something That Goes Against the Laws
You can’t just write a will stating that you want some or all of your assets to be given to a specific person. Similarly, you can’t completely exclude a rightful heir either. When writing your will, it’s important to make sure that whatever you’re writing is in accordance with the laws and policies of your state.
Not Setting up a Trust
A trust is a written legal agreement that allows your family members to inherit some or all of your assets with less risk and expense. The trust can be set up during your life or after you have passed away (testamentary), but the latter is more time-consuming and complicated. Not setting up a trust during your lifetime can put your family in trouble.
Setting up a trust is simple. All you have to do is hire an estate attorney who is aware of the laws of your state. They will work with you to set up your trust and manage your financial assets and their documentation.
Kalicki Collier is a reliable law firm in Nevada. We offer a wide range of legal services in Reno, Nevada. We have a variety of divorce attorney Reno, estate lawyers, estate plan lawyer Reno, and many other legal experts onboard. Reach out to us to find out more.