Estate Planning Mistakes to Avoid

Estate Planning not only means planning how to dispose your estate when you are gone but also ensuring that your estate is not reduced by avoidable taxes. Will and Estate Lawyers can help you in this regard. They help you organize your estate and plan in advance for taxation. They can help you prepare a will for distribution of your assets among named beneficiaries. Hiring the services of a will and estate lawyers can make this task easier.

Naming the beneficiaries

The first thing to do is to decide whom you would like to award a portion of your estate. This may be a very small amount of money say a few dollars or it may be a property standing in your name. You must decide who will get what if possible down to the last penny.

Take into consideration extended families, step children, spouses and all the other complicated relationships. Be sure that you have not left out someone important who may later stake a claim to your estate. That way you save your loved ones the hassle of probating the will and fighting among one another.

Organize your Estate

You may have several accounts in different banks, money invested in term deposits, equity, or other investments. You may own real estate. If you own a business, your business accounts may be separate from your personal holdings. If you are in a creative profession, you may have royalties coming to you.

List out each item in your estate and then decide what you would like to allot to which beneficiary. You may decide to divide some proceeds between two or more persons. You may wish to dissolve your business and distribute the proceeds.