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Avoid these estate planning mistakes

On Behalf of | Aug 16, 2022 | Estate Planning

One of the biggest estate planning mistakes that someone can make is not having an estate plan at all. This can lead to a huge legal battle that can be expensive and time-consuming. Instead of leaving everything for your loved ones to figure out, you should take the time to get the plan together. 

While you’re creating your estate plan, make sure that you don’t make any of these common mistakes. Each one of these can negatively impact your loved ones. 

Naming an executor who can’t handle the duty

The executor of your estate has a lot of responsibility. They have to locate assets and heirs, file the will, and pay the taxes for the estate. Other responsibilities might also be present so be sure that your executor can handle the duties that are present in your case. 

Failing to use gifting to control estate taxes

Gifting is a way to reduce the value of the estate so that your heirs don’t have to pay high estate taxes. This is only a consideration for estates that have a high value. If you’re married, you and your spouse can each present gifts to family members and friends. There are some limits to how much you can gift, so be sure to talk to someone familiar with these situations so you can find out how much you’re allowed to gift. 

Make sure you work with someone who understands the goals you have for your estate plan. Getting everything set up so your loved ones can just follow the plan can help them to get things done while they’re grieving.