Free Personal Finance & Budgetting Articles

Professional Authors - Professional Articles

Personal FInance Tips - Some Common Estate Planning Errors to Avoid!

If you are in a position where you feel that you really need to sit down and start doing some estate planning, there is no time like the present. When you get to the point where you think it's time, you need to understand that estate planning is more than just creating a will. A will is just one part of estate planning. The planning consists of a lot of different things like mutual funds, wills, assets, protecting those you love and much more. Here are a few things to look out for and to avoid when you decide to do your estate planning.

The most important issue and mistake that a lot of people make is the fact that they sometimes wait too long. It's also a common mistake for a lot of people to think they simply don't need any kind of estate planning. However, this is not the case. One day everyone is going to be faced with the end of life issues that relate directly to our health and the things we own or have saved. If you wait to long all it does is put far too much stress on your family who is having to try and deal with such issues for you if you're not able to.

Another common mistake that people make is that they think estate planning is only for people who have a lot of money. This also is not true. Estate planning is for anyone who has any kind of assets. True estate plans are not merely about your wealth they are also about planning for issues that come up at the end of your life. For instance this could include what to do about hospice care or long term care should the this come up.

If you have a will make sure that it's updated. If you don't have one, make one up. You need to update your will if there have been any changes in the family like divorce, children being born and other things that might impact the outcome of the will. Failure to do so may cause problems in the end.

A lot of people even if they have an estate plan tend to not give it to anyone so that it can be kept safe until the time comes when it's needed. So, if you have a lawyer make sure that you give him a copy and if you don't then make sure that you put it in a safety deposit box and make sure that someone in your family knows where it's at and that they have access to it.

If you have young children, even if you are not thinking this far ahead and so many people don't, you need to make sure that you have something that is in writing and considered a legal document that will cover the care of your children. The last thing you need to do is to have your children ending up in foster care because you failed to stipulate who would take care of your children should something happen to you.

If you can afford it, the best thing you can do is have an estate planning attorney on retainer and have him draw up the plan and keep it updated for you.

Post has no comments.
Post a Comment

Captcha Image

handling problems budget wills finances reality financial agent party theme cash flow major financial issues attorney personal finance tips family member true market value top preparing dinner insurance company property value afford a car car finance get help medicare birthday party enjoying right estate planning lawyer structured settlement secure finances estate planning errors half price getting health insurance common estate planning net pay shop online power of attorney finance tips manager specials personal bankruptcy credit score retirement years law firm time management make a will poor credit invitations spend less debt management trade in value decorations financial affairs assessor estimate actual loan enough money reduce tax grocery shopping pay bills car payments bad credit financial power health insurance money conscious creditors interest rate balloons voluntary gross income finance company quick sale qualified veteran debt management company retirement planning car sites payment range car lease rebates payroll improvement loan periodic payments owe money income tax income sticker price va loan possibility managing time home equity loan stop procrastinating money issues avoid personal bankruptcy finance tips planning car dealer homemade food compare prices gross pay certain stocks stock market getting a loan social security number bankruptcy coupons present car payment plan sticker shock car loan test drives W-4 forms dealership meat specials self help unsecured loan secured loan specials start investing estate planning miss payments home improvement loan car payment debt settlement insurance banners financial basis legal power credit policies community property emergency spending personal finance best credit home loan car retirement fund tight budget computer debts credit reduce interest saving money lease takeover personal finances party supplies overspending dream new car financial issues fast paced deductions stop paying car insurance grocery list salvage groceries get rid of debt loan possibility lower tax leasing company household tips research good credit personal finance resources car lot estate planning lawyer payroll software package need maternity care major debt different models mortgage payments own business veteran loan store ads employees medical history chapter 7 local dealer printer financial crisis cash property tax discounted items repair credit buying a home quiet time new car smell save money

Copyright 2016 - Free Info Site Enterprises
Privacy Policy  |  Copyright Policy  |  Website Use Policy  |  Non Endorsement Policy  |  Contact Us  

Finance Blogs