Your Kirkland, WA estate planning lawyer can give you peace of mind and help reduce confusion or disputes in the future. However, you should make sure you’re working with a team you can trust. At Eastside Estate Planning, we’re ready to use our 10+ years of experience to help. We can also assist you in creating a will or trust if you haven’t already. Read on to see some of the mistakes we’ll help you avoid, and contact an estate lawyer from our office to get started.
Not Having A Plan At All
One of the most common mistakes people make is not creating an estate plan in the first place. Without clear instructions, state laws will determine how your property is divided. This may not reflect your wishes and can lead to conflict among family members. Even if you feel you do not have many assets, having a plan in place can help guide your loved ones and make the process smoother for them.
Failing To Update Your Plan
Major events such as marriage, divorce, the birth of a child, or the purchase of a home can all affect how your plan should be structured. If you do not update your documents, they may no longer reflect your current situation. This can lead to unintended outcomes, like leaving someone out or including someone who is no longer part of your life.
Not Naming The Right People
Choosing the right individuals to carry out your wishes is a key part of the process. If you select someone who is not prepared for the responsibility, it can create delays and disputes. It’s important to think carefully about who you appoint to manage your affairs, whether it’s an executor, trustee, or guardian for your children.
Overlooking Beneficiary Designations
Certain assets, such as retirement accounts or life insurance policies, pass directly to the beneficiaries you name. These designations take priority over your will. A common mistake is forgetting to update them after major life events. If your designations are outdated, your assets could go to someone you did not intend.
Not Considering Taxes And Expenses
Estate plans are not just about who gets what. They also involve planning for potential expenses like taxes, debts, and administrative costs. If these factors are not addressed, they can reduce the value of the inheritance you leave behind. By planning ahead, you can help minimize these costs and make the process easier for your family.
Trying To Handle Everything Alone
Estate planning involves legal documents and decisions that can be difficult to manage without proper guidance. While it may be tempting to use online templates or handle everything yourself, this can lead to mistakes that cause confusion later. Working with a trust planner helps you create documents that meet legal requirements and reflect your unique situation.
Contact Us Today
At Eastside Estate Planning, we understand how important it is to create a plan that truly protects your loved ones and your assets. That’s why our team offers estate planning that includes wills, trusts, and even probate support for your loved ones. It’s never too late to get started. Get in touch with our team, and see how a will and trust lawyer from our team can protect your tomorrow.
