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

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

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

Finance Blogs