Top mistakes that can turn your estate plans upside down!
Updated: Feb 4
Let's face it, if youre making an estate plan, it's because you're trying to make life as easy as possible for your loved ones after you have passed. You want peace of mind knowing your family will be taken care of when you die. BUT, problems can arise during the process and we want to walk you through a few that may come up if you don't prepare!
Top 3 mistakes to try and avoid:
You don't have an estate plan!
This is an obvious one, but if you don't have an estate plan in motion, there will obviously be problems.
Just to name a few:
Without a Will or trust, all of your assets will have pass according to the intestacy laws. Which means your family will go through expensive and time-consuming probate and the court will decide who will administer your estate and which of your relatives will get your money and property.
Without health directives, if you end up incapacitated, the court will appoint someone to make health decisions for you or may make you a “ward” of the state. You could end up lingering for years supported by feeding tubes.
If you are divorced and you die without making a new Will or executing new health directives, your ex-spouse could be the one to get all your property and make end-of-life decisions for you in some cases.
Doing the will yourself can lead to a number of problems. This is a complicated area of law, and DIY can lead to more expenses and deeper issues. Sometimes it may even be as simple as leaving something out, or forgetting to include assets or expenses that may arise. Sometimes this can lead to invalid info or illegal clauses that get you into even more of a pickle.
Don't take a pencil out and edit stuff on your own.
Changes need to be done in the presence of a professional, often times for validity reasons. There are specific steps that have to be taken in order for things to be valid. Don't leave it to your own creative thinking, get professional help to ensure everything is as it should be!
We have experts in our office here in Texas that can help you with your estate, today! Visit our website for more information! www.ashmorelawfirm.com