Forum » General » Support » Estate Planning Mistakes That Can Cost Your Family

Estate Planning Mistakes That Can Cost Your Family

  • Introduction Estate planning is a critical process that ensures your assets are distributed according to your wishes. However, small mistakes can lead to probate litigation, putting your family through stress and potential financial loss. Baker, Burton & Lundy offers expert estate planning services to help you avoid these common pitfalls.

    Common Estate Planning Mistakes

    1. Failing to Update Your Will Life changes such as marriages, divorces, and births should trigger a will update. Failure to do so can lead to disputes among heirs.

    2. Not Establishing a Trust Without a trust, your estate could go through probate, causing delays and public access to your financial affairs.

    3. Leaving Out Critical Details Be clear about your wishes and appoint trustworthy executors to prevent any confusion or legal challenges after your death.

    How to Avoid Probate Litigation

    1. Create a Clear Estate Plan Work with an attorney to draft a will, establish a trust, and regularly update both documents.

    2. Appoint a Competent Executor The executor will handle the distribution of assets. Make sure this person is reliable and understands their role.

    Conclusion Avoiding probate litigation requires careful planning and regular updates to your estate plan. For expert guidance, consult with Baker, Burton & Lundy to secure your family's future.

      October 13, 2024 7:47 AM PDT
    0