Estate Planning Gone Wrong
By Barry Zimmer on January 19th, 2016 in Estate Planning
Good for you–you have decided to invest some time into engaging in proper estate planning to make sure that all of your wishes are carried out upon your death or incapacitation. But what could possibly go wrong? Here are a few things that frequently do:
- Don’t forget to stay current. Circumstances in your life change and many of these changes call for estate plan adjustments.
- Don’t saddle your heirs with any debts. Life insurance is a great way to make sure that there will be enough money to satisfy creditors and provide something for your loved ones if your resources are limited.
- You may want to try not to play favorites if possible because this can lead to Will challenges.
- Proceed with a full understanding of where you stand in terms of estate tax exposure. Ask your estate planning lawyer how to best provide for your family in a tax efficient manner.
- Make sure that you provide for the care of your pets after you pass away. You must find a new owner and provide this individual with the financial resources necessary to provide for the animal.
- Don’t overlook execution of Advance Health Care Directives so that your wishes are known regarding medical procedures such as being kept alive through the use of artificial life support systems should you fall into an irreversible terminal condition.
- If you own a business make sure that you have a well thought out succession plan in place. Communicate with those involved so that there are no surprises or legal battles after your death.
- Don’t try to plan your own estate. A matter that is of such great importance requires expert legal guidance.
And for goodness sake, don’t put estate planning off. Procrastination doesn’t help anyone and it puts your family members at risk. Let The Zimmer Law Firm help you navigate these issues. Please call us for a consultation 513.721.1513.