Many California residents are concerned with protecting their assets and creating thorough plans for the distribution of inheritance and other related issues should they die or become incapacitated. Those who want to avoid common estate planning mistakes may be interested in the following recently published advice. A common, yet major error is failure to execute a plan.
Various media networks were recently flooded with reports regarding pop superstar Prince’s death and the fact that he had no formal estate plan in place. In such circumstances, there is no guarantee that one’s assets will be distributed among those whom one would have personally chosen to inherit them. In fact, when no estate plan exists, family members are often faced with lengthy probate litigation that may lead to disputes among interested parties.
Another common mistake regarding the planning of an estate is not naming someone to make important financial and/or medical decisions on one’s behalf should a decline in mental or physical health render one incapable of doing so. Such authority can be allotted to one or more persons. Once an appropriate plan is in place, it is equally important to keep it updated, especially if lifestyle changes affect its contents.
Estate planning can be an uncomfortable topic for those who wish to avoid addressing matters of mortality. However, it is typically in the best interests of all involved to prepare a thorough and well-organized plan. In California, probate and estate administration attorneys who can offer guidance throughout the process of exploring available options and determining what type of plan best suits one’s particular needs and goals.
Source: noozhawk.com, “6 Most Common Estate Planning Mistakes“, Chris Jones, Aug. 21, 2016