Estate Planning Attorney in Las Vegas: Avoid These Errors
One of the most common misconceptions regarding estate planning is that only the wealthy should create an estate plan. However, this process should also be practiced by anyone who has assets or a family. The reason for that is because anything that you do not place in writing will be decided by the government. That, of course, is not something you want your family to have to deal with after you pass. However, according to an estate planning attorney in Las Vegas, creating an estate plan can be both a daunting and complicated experience. Thus, the following includes some of the most common estate planning mistakes and how you can avoid making them.
Start Your Estate Planning With Assistance From an Estate Planning Attorney in Las Vegas
As stated above, starting an estate plan when you have had no prior knowledge of making one can be a very complicated experience. That is why the first estate planning mistake people make is not seeking the advice of an estate planning attorney in Las Vegas. Even if you’re looking to only add a few items to your estate plan, experienced estate planning attorneys in Las Vegas can provide you with critical advice on what you should and shouldn’t add to your documents.
Not Considering the Successors
The natural order of succession is the spouse or the oldest child in the family. This is the order of successors that people, and even the courts, often take when considering who obtains power over your estate. However, just because someone has that role does not mean that he or she is going to be the best person for the job. Not only does this person inherit your assets, but he or she will also likely be placed in charge of taking care of debts and paying other family members what you promised in your estate plan. If the person does not have the maturity to take on this very serious role, it may be better for you to look at other people in your family to appoint as the successor to your estate.
Confusing an Estate Plan With a Will
When it comes to an estate plan, it should never only include a will. Many individuals make the mistake of believing that a will is actually the estate plan. That, of course, is wrong. If you only have a will set up, this means that your family is highly likely to have to go through the probate process. Not only can this create various internal fighting, but it can take months until they see any of your promised assets. A proper estate plan will involve several other items within it that may address issues such as:
- Power of attorney for finances
- Power of attorney for health care
- A revocable living trust
Not Communicating With Your Family
If you’re an owner of multiple properties, you may be planning to leave them to your children or spouse. However, going this route can be more of a burden than a benefit to your children, especially if they’re already adults. For example, if your adult child inherits a home, he or she is not likely to want to move into it but would still have to pay property taxes and other maintenance fees on it. This may not only place a financial burden on him or her, but it can also lead to your properties being neglected. That is why it is so important to communicate with your family about what you’re putting in your estate plan. Take the time to ask them about their wants, needs and concerns over what you are offering them. This can greatly improve your estate plan and potentially save your family from having to fight over property.
Not Updating the Estate Plan
So you’ve consulted with a firm containing estate planning lawyers in Las Vegas and have your document ready. This means that you can rest now, right? Well, the answer to that is yes and no. If you’re still young, completing your estate plan is not enough to protect your family and your assets in the future. An estate planning lawyer in Las Vegas would recommend that you continue to update your plan every few years. This is because things in your life are going to change. This can be anything from a divorce to the birth of a new child. Not updating your estate plan can often lead to confusion and various legal battles when you pass away. In other instances, someone who is no longer in your life or who has passed away is still included in your estate plan, granting him or her the legal standing to claim the assets promised to him or her.