A detailed estate plan is usually a plus for the people you care for and love. Estate planning ensures your assets are distributed to your loved ones or heirs according to your wish. However, creating a detailed one can be arduous for many people. For this reason, you should seek help from a competent estate lawyer to avoid errors that could cost your beneficiaries a lot. Many people end up with serious estate issues as a result of the mistakes they make when creating one. So if you want to make an estate plan that will serve a meaningful purpose to your heirs, see the three simple steps you should take.
Consult with an Estate Lawyer
Some people plan their estate without seeking advice from an estate lawyer, and they later face serious challenges. A legal approach is critical when making an estate plan because it helps you avoid a lot of problems. If you don't seek legal help when making an estate plan, you may have an erroneous one. An estate plan with uncertainties, inequities, and other legal errors can be a huge blow to your beneficiaries or loved ones. An estate lawyer offers appropriate legal advice, helping you avoid a contradictory or unclear estate plan that could later attract substantial legal fees.
Appoint the Right Executors
An executor plays a critical role in the administration of your estate. They usually finalize your plans and safeguard your beneficiaries' interests when administering the estate. It's sometimes advisable to appoint two or more executors, more so when you have a lot of assets. However, you should be cautious because your beneficiaries could experience unnecessary delays and expenses when the executors don't reach an agreement. But even as you appoint an executor, you should also involve an estate lawyer, especially if you have fragile family relationships or higher chances of family disputes.
Keep a Clear Record of Your Liabilities
When making an estate plan, most people forget their liabilities, subjecting their beneficiaries to problems. Do you have debts associated with your assets? If yes, list them down and outline how they should be paid. If you don't, your beneficiaries will likely get unfair shares of your estate or assets. So ensure you document all the liabilities attached to your assets because it helps assess your intentions.
Most people know why they should make an estate plan, but they do it wrongly. Anyone creating it should get it right from the beginning to avoid issues. Where possible, work closely with an estate lawyer because they know how an effective estate plan should be made.Share
7 March 2022