When writing your will and estate plan, it can be tempting to do it all on your own. However, the process can be a heavy task. You want to know that after you are gone, your will is binding and your property will be divided according to your wishes.
Hiring a wills and estates lawyer ensures your estate plan is rock solid. This article discusses five mistakes people make when they skip counsel from an experienced lawyer.
Mistake #1: Using Generic Templates
You can use any number of templates and kits to draft your estate plan. However, they fail to provide the tailored solutions your estate may require. Solid, proven legal advice from a qualified lawyer keeps all possibilities covered.
For example, business owners who use online will templates may neglect to address succession planning for their company. That can result in their family struggling to manage the business or losing it entirely. A wills and estate lawyer offers customized solutions, ensuring business succession is clearly outlined and protecting the future of the business and the family’s financial stability.
Mistake #2: Omitting Key Details
Estate planning involves more than listing property and beneficiaries. You must provide clear instructions or provisions for areas like caring for minors and digital assets.
Take the example of a single father who leaves his estate to his young son but fails to designate a guardian or establish guidelines for the inheritance. In such cases, the court may appoint a guardian, and the child may inherit the estate at an age when they are ill-equipped to manage it.
A wills and estate lawyer provides a comprehensive plan, including naming a trusted guardian, setting up a trust and specifying inheritance terms to safeguard your children’s future.
Mistake #3: Not Updating the Estate Plan
Sometimes, estate plans miss important life updates like marriage or the birth of a child. As you experience important life changes, you should update your estate plan.
It can be easy for parents who draft their wills to divide assets among existing children and unintentionally omit those born later. These omissions can spark legal disputes, create emotional rifts among siblings and delay asset distribution. Regular reviews and updates with a wills and estates lawyer can ensure your plan remains current and accounts for all beneficiaries.
Mistake #4: Ignoring Tax Implications
Many people focus solely on how assets will be distributed rather than their tax implications. Without proper planning, a significant portion of your estate could be lost to taxes, leaving less for your beneficiaries.
Suppose you leave a substantial estate to your children but don’t plan for capital gains taxes on property and investments. In that case, your children may be forced to sell cherished assets to cover the unexpected tax burden. A wills and estates lawyer can suggest strategies to minimize taxes, such as creating trusts or using other tax-saving tools, preserving wealth and assets for future generations.
Mistake #5: Not Meeting Legal Requirements
Wills that fail to meet legal requirements can be deemed invalid, leaving estates subject to provincial laws instead of the deceased’s wishes. Each jurisdiction has specific rules about signing, witnessing and storing a will.
You could draft your will independently, only to have it contested because your witnesses were beneficiaries. This issue can lead to court disputes, delays and unnecessary stress for your loved ones.
A reputable lawyer ensures your documents meet all legal standards, preventing potential challenges and upholding your intentions.
Get Sound Legal Advice from a Trusted Wills and Estates Lawyer
Attempting to manage your estate without legal guidance can result in costly errors, family disputes and other undesirable consequences.
One80 Law Group’s wills and estates lawyers have unmatched experience in legal compliance, minimizing taxes and fees, and addressing every aspect of planning estates. Complete our online contact form to contact our legal team and create your customized estate plan.