Common Estate Planning Assumptions You Should Not Be Making
We’ve all heard the old adage about the mistake of assuming anything; what it does to both U and ME. But assuming certain things about estate planning can do more harm than just making you feel like some sort of fool, it can leave you and your loved ones in a financial mess, both before and after your passing. Avoid making the following assumptions and enjoy the peace of mind that comes from a solid estate plan for the future:
- Assuming you’ve got plenty of time. One of the biggest mistakes when it comes to creating an estate plan or will is that it’s just not needed right now. Though you may still be in your mid-30’s and have few assets, it’s still important to make sure that what you do have is protected and is distributed in the ways that you would prefer.
- Assuming your loved ones will appreciate the inheritance. Remember when the amount of instructions you left for the baby sitter when you’re kids were little and you were going out for one evening? Most people don’t leave anywhere near the amount of instructions when they are going away for a lifetime.
- Assuming that your wishes need to remain secret. It’s often recommended by estate planners that you let your family know exactly what your plan is for the distribution of your estate. Though it can create some arguments and hurt feelings, dealing with it now while you can control what happens is often better than what may happen between family members after you’re gone.
- Assuming that an estate plan is set in stone. Any estate plan, should be adjusted through the years with life’s changes. Changes that include marriages, births, divorces, deaths and health conditions can all have an effect on your estate plan.
At Brady | Cobin Law Group, PLLC our estate planning lawyers in Raleigh, North Carolina are here to help you avoid making the assumptions that can have a detrimental effect on your estate plan. Call us now at 919-825-1518 to schedule an appointment with an estate planner in North Carolina.