What’s the Costliest Mistake in Estate Planning?

Financial Advisor

A common misconception about estate planning involves that it only applies to those who wish to entrust their assets post-death to certain beneficiaries.

In fact, anyone that considers a will should realize that they are planning for another person or group. Not everyone who writes a will expects the document to become effective, as it can also be useful in case a person becomes ill to make their own decisions.

Legal Advice

Consider the services of an estate planning attorney in Utah or any other state where you live, prior to drafting a will. A living will, for instance, allows you to provide specific medical instructions in case of near-death situations. It’s likely that you will be unable to function normally in that case, so a durable power of attorney will be useful. Unlike a power of attorney, a durable power of attorney manages your finances and assets on your behalf.

DIY Planning

In most cases, there are complexities that make it difficult for any living person to determine what happens to their assets if they die or become incapacitated. Some of these can be as obvious as a long-standing family dispute among members.

Your emotions may also influence you to make the wrong choices. A legal counsel, however, will ensure that you have an objective estate plan aside from offering professional advice. An attorney will also help you in making sure that everything is covered, such as a contingent executor or a beneficiary. On the contrary, you’re likely to miss these details if you decided to do it on your own.

Legal counsel assures any person that their estate plan will be executed in the way they desire after their death. After all, you don’t want beneficiaries quarreling over unequally divided wealth as a result of bad estate planning.