A Folsom Estate Planning Lawyer Discusses Estate Planning Mistakes to Avoid
The last topic people like to think or talk about is their death. However, in order to make sure your family is taken care of if something should happen to you, it is important to have a good solid plan in place. The following are important estate planning mistakes that should be avoided. An experienced estate planning attorney from Yee Law Group can help you avoid these mistakes and set up a solid estate plan.
Not Having a Plan
The biggest mistake a person can make is not having an estate plan in place. Sadly, more than half of the people in this country do not have any will or any other plans for their finances in place. Having a good estate plan in place not only makes sure your family is taken care of, but it also helps to ensure that your loved ones do not have to deal with the stress and complexities that happens when a person dies without an estate plan in place.
Only Having a Will
Although a will is essential to any estate plan, there are other important documents and tools that you should take advantage of. These include trusts, power of attorneys, living wills, health care proxy, and advanced directives. These documents will make sure that whatever decisions that may need to be made will be made by the people you have chosen and that your wishes will be carried out. If you do not choose these people and something should happen to you, the court will make those choices for you.
Picking the Wrong Person as Executor
The executor is the person who will oversee the distribution of your assets and make sure that your written wishes are honored. Many people choose a relative as the person who should have this responsibility. This can sometimes cause problems because of the issues that may arise between family members who may resent what you have expressed in the will. For this reason, it may be better to choose a neutral person as the executor.
Make an Estate Plan and Don’t Address It Ever Again
Far too often, people make estate plans and then never go back and look at them again. But our lives are ever-evolving and there are all kinds of life events that take place which people may need to update their estate plans. Some of those events include the birth of a child, divorce, or death of a family member. An individual may need to add or remove heirs or beneficiaries and their attorney can assist with these changes.
Contact an Estate Planning Attorney in Folsom Today
It is not just those individuals who are wealthy that should have estate plans in place. Everyone should consult with an estate planning attorney to find out what sort of plans would work for their situation. Setting up an estate plan can be confusing but a skilled Folsom estate planning attorney from Yee Law Group can help. Call our firm today to see how we can help.
Protecting Your Heirs Against Litigation or Divorce
Are you wondering whether or not your estate plan protects your heirs from litigation or divorce proceedings? Call an estate planning lawyer now to get a complimentary case review.
When you leave assets or an inheritance to your heirs, you will likely expect them to be mindful of such things. However, as diligent as your surviving spouse, children, grandchildren, and other heirs might be, they can be vulnerable to claims on the inherited money and assets.
Divorce, judgments, business, and creditor claims could impact anything you leave to heirs. This can happen through no fault of their own; however, carelessness could increase this risk. You can also help to reduce this possibility through various estate planning tools. Because each person has their own needs, it is recommended you talk with an estate planning lawyer for personalized advice.
How You Can Protect Your Heirs and Their Inheritance
Are you concerned about your grandchild using his or her inheritance to purchase a home in joint names with a spouse, only to lose the asset in a complicated divorce? There are special trusts that can help to avoid this loss. These include various irrevocable trusts or trusts under a will, including a beneficiary-controlled trust. You will likely need to hire a Folsom estate planning lawyer to analyze your situation and let you know which option will be most suitable.
Yee Law Group, PC offers a number of estate planning services including:
- Estate administration
- Estate planning
- Divorce protection
- Asset protection
- Revocable trusts
- Irrevocable trusts
- Living wills
Prepare to Educate Your Heirs
While these legal documents can help to protect your heirs’ inheritances, there are additional things you should consider. For example, when they are old enough, you, and your Folsom estate planning lawyer, might want to sit and talk with them about the inheritance. Explain to the heir that this inheritance is theirs and should always remain as separate property. This should be followed up by educating the heir on the proper steps to keep the property separate from marital property. Prenuptial agreements might also be a smart decision and could prevent a loss of assets or wealth in the event of a divorce.
Seek Legal Advice Before Signing Anything
Bear in mind that trusts and prenuptial agreements have different provisions and enforceability depending on the state you are in. You should always seek legal advice from an estate planning lawyer before drafting and signing any of these documents.
A Folsom Estate Planning Lawyer for All of Your Estate Planning Needs
Yee Law Group, PC offers more than four decades of combined legal experience and focuses primarily on estate planning, estate administration, and trusts. If you are ready to take the necessary steps to preserve your wealth and protect your heirs’ inheritance for many generations to come, please call our office for a free consultation with a dedicated estate planning lawyer.
“Michael Yee has been extremely professional in helping me navigate through various legal matters regarding housing laws over the years. He has always been easy to get ahold of, very knowledgeable, easy to talk to, straight forward, and ultimately an important advocate for me. His prices are always fair, and there are never any hidden surprises or fees. Michael Yee knows how to get the job done. I cannot recommend him enough.”