The five mistakes of estate planning include the following:
Most people make the mistake of not having an estate plan. Every person knows that he or she is going to pass away one day, so the best thing to do is prepare for it by putting your financial affairs in order and determining where your property will go. It is the best way to ensure that things are done exactly as you want them to be done.
An unexpected disability can wreak havoc on your affairs. You will need to plan for the time when you will need someone to make your medical decisions for you. You also need to choose someone to care for your children and handle your financial affairs. This requires that you draw up a living trust or appoint a power of attorney.
It may be better to have the executor of your will or trustee of your living trust be someone other than your spouse or child. This person would need to be someone without an interest in the assets in your estate.
You may be aware that an estate plan is something that you really need, but you may procrastinate so long that you don’t have it when you need it. It only requires that you stop procrastinating and get started on an estate plan.
The biggest mistake is to not hire a Utah estate attorney to help you create an estate plan. The Utah estate planning attorneys at Mountain View Law Group can help you develop the most appropriate estate plan for you. You may need help updating your current estate plan, or you may believe that it would be better to have a living trust. Your estate planning lawyer Utah will explain that even if you have a trust, you still need to have a will. Contact us today.
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