Do you know WHO will help your family get through the Legal, Emotional and Financial issues that will arise at your death? Once you are dead, there are no “Second Chances” to fix a poor estate plan!
If you die with only a will and no other estate plan documents, then your family could be saddled with costly probate fees and have to wait for lengthy court dates. If you have made no estate plan at all, the government controls how your property is distributed & taxed through Probate, and your family will have to seek out Strangers for help at their most vulnerable time. If you have a plan, but have no specific guide for your family to Administer it at your death, then again your family is forced to fend for themselves.
Don’t let these Estate Planning mistakes happen to you. Don’t Procrastinate!
Neglecting to Make Your Estate Plan Bulletproof
Often times, our loved ones don’t always make the best choices in life, and we find ourselves having to tolerate individuals that we wouldn’t normally mix with. These individuals may end up being heirs to your estate! Here are a few examples of Nightmare Heirs that could potentially rob your loved one of their rightful inheritance:
Nightmare Heir #1: “Meet Ed”. He married your brother’s daughter, and he plays video games and collects bugs! The law calls Ed an “unintended” heir. You call him a nightmare. Your estate should go to the people you love. Make your estate plan Bulletproof! Your loved ones will be thankful you did.
Nightmare Heir #2: “Billy, good ol’ Billy”. Billy married your sister. He lives off her money and one day hopes to be living off yours! Don’t let it happen! Make your estate plan Bulletproof!
Nightmare Heir #3: “Meg”. You know Meg, she’s your son’s latest wife, who hopes you’ll stop breathing! Let’s disappoint her! Make your estate plan Bulletproof!
Nightmare Heir #4: “Brian”. Remember Brian? Your former spouse does. She married the creep. One day the two of them hope to make a claim against your estate. Don’t let them! Make your estate plan Bulletproof! Your loved ones will be thankful you did.
Believing that an Old Estate Plan is still Valid
Are you one of the many individuals who have an existing estate plan? Have you often said: “We already have an estate plan prepared, and in fact it’s been done for over 10 years.”, and neglected to update your plan?
Children grow up, grandchildren are born, relatives pass away, couples get divorced, and before you know it, the provisions in your estate plan no longer match your desires for your heirs.
An old estate plan might leave out the new people that now bless your life, like new grandchildren or new spouses. If you have a blended family, it is Critical that your estate plan reflect exactly how you want All of your loved ones to inherit your estate, otherwise needless disputes will reduce the size of your estate through legal fees and costs to battle out the distributions, which may not be your desires at all.
It is sad to think that someone you don’t even know could get a large part of your estate merely because you failed to update your estate plan.
Get the comfort and “Peace of Mind” from knowing that you have a cohesive, comprehensive, and bulletproof estate plan protecting your Family’s future prepared by a Certified Specialist in Estate Planning, Trust & Probate Law, The State Bar of California Board of Legal Specialization.