Here is a list of Estate Planning mistakes that you might not realise, but you must AVOID.
- Not having a valid plan in place – many people write a will and then put it away and think their estate is sorted out. However, your Will must be done properly, it needs witnesses and the correct plan in place. The best way to make sure your Will is done properly is by speaking to an Estate Planner or a Solicitor who will do it professionally for you.
- You must update your Will after big life changes – After marriage, divorce, having children etc, many people push updating their Will to the back of their mind. You must not do this! After big changes like this, if your Will hasn’t been update it will be voided, this means it is invalid. Get in contact with your estate planner after any changes in your life to update your Will.
- Most people don’t think about health issues that may occur at any time – The majority of us will just plan for wen we pass on, but you must think about other possibilities! If you fall into a coma, or become incapacitated for example, your family will have to make your decisions for you, but you must plan for this or they won’t be able to.
- Prepare for long term care – You might not think about the consequences of getting old when sorting your estate, but you may need a carer or to even go into a care home when the time comes. Both of these are very expensive so you need to prepare for if the time does come. Speak to an estate planner about the steps you should take to prepare for this.
- You may not have the proper ownership of some of your assets – Many people make the mistake of not owning a property correctly with your spouse. You can own a property jointly or as tenants in common with your partner, to figure out which one works best for your plans.
- You must plan for Inheritance Tax – Many people don’t consider the costs of passing your assets on once you’ve passed away. Generational Inheritance Tax is the continued application of inheritance tax on assets which are bequeathed to a Beneficiary, this may mean that IHT has to be paid again and again whenever these assets are passed on to the next generation.
- Not planning for minor children – The most important step to take in estate planning is preparing for you children if they are under the age of 18. This may include guardianship and instructions for how the money should support your children to prevent the appointed guardians don’t go against your wishes and spend your money elsewhere.
These are just SOME of the mistakes that you might be making
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