Planning your estate is one of the best things you can do for your loved ones in Arizona. However, if it’s not planned properly, your loved ones might find themselves caught up in a long legal battle. Here are a few common estate planning mistakes you should avoid at all costs.
What are some of the most common estate planning mistakes?
One common mistake is naming an underage child as a beneficiary in your will. Ideally, they’d be an adult by the time they inherit your estate; unfortunately, that’s not always the case. If your beneficiary is still a minor when you die, they won’t be able to accept your inheritance. Fortunately, you can plan ahead by adding a guardian for your beneficiary in your will. The guardian will be able to hold your assets until your beneficiary turns 18 or 21.
Another common mistake is neglecting to name a beneficiary on assets like savings accounts or retirement funds. If it’s not clear who should inherit these assets, your estate might go into probate. You can prevent this during the estate planning process by naming a beneficiary for all your assets.
What’s the best way to plan your estate?
While planning your estate might seem straightforward, it’s actually much more complex than it appears. An attorney may be able to untangle the complexities and help you write a straightforward estate plan.
Your attorney might point out potential issues that you wouldn’t think about, like the problem with naming an underage child as your beneficiary. Additionally, your attorney might help you figure out how to lessen the tax burden on your family members.