While no one likes to think about what will happen after they're no longer around, devoting some time to hiring a tax service and an attorney and devoting some time to planning out these details is a vitally important task. If you don't take the time to plan out your affairs on paper before you become ill or pass away suddenly, there's no guarantee that these issues will be handled in the way that you would prefer. There are several common mistakes that many individuals make when it comes to estate planning.
Never Writing a Will
It's common for people to think that if they don't take the time to write out a will, their property and any assets that they have will simply pass on to their spouse and children. While this is true in some areas, it's not true everywhere, and it's not always that simple. For example, some localities limit the specific dollar amount that an individual can inherit from a deceased spouse, and all of the assets after this total must pass on to the couple's surviving children. In other areas, it takes quite some time to gain access to join assets after the death of a spouse. This means that it can be difficult for the surviving partner to pay bills, handle funeral expenses, and go about their daily life.
Not Designating a Guardian for Surviving Children
Another common mistake that many couples make is not taking the time to plan out what will happen to their children in the event that they should both be the victims of some sort of tragedy. This means that after death, guardianship becomes an issue that must be negotiated in family court, and it is far more complicated than it would have been if a will had been left behind. Instead, take the time to plan out what will happen to your children in the event that you are involved in an accident or suddenly become ill.
Never Clearly Outlining the Rights of a Surviving Partner
For couples that are not legally married but instead cohabitate long term, it's often common to neglect outlining the legal rights of the surviving partner on paper. This means that it can become quite difficult for them to gain access to medical records, bank accounts, and other assets that they need in order to go about their daily life. If you aren't married to your partner, it's crucial that you take the time to outline their rights to your assets and your medical information in a legal document.
Estate planning is often neglected, leading to inconvenient issues for all parties involved. If you need to plan out your trust and estate, contact a local professional.
Share26 January 2018
I have always dreamed of opening my own beauty salon, but never seemed to have the money to make that dream come true. I decided that it was time for me to hire an accountant to help me create a savings plan and to assist me in calculating how much money I would need to open my salon. I found out all about what it takes to start a business and a lot of great advice about what I can do to save the money I need to make it happen. If owning your own business is something you are dreaming of, my blog can help.