There is a lot you can do with an estate plan. The main intent of an estate plan is to control how your assets are managed after you pass away, but you can also plan out health care directives and child care.
There are some things you may do that could create issues for your estate plan. Here is what not to do with your estate plan:
1. Don’t forget to validate your will
To validate your will, you should have your signature attached to the legal document — and you will also need signatures from two witnesses who observed the drafting of the will but do not benefit from the estate plans. Without any of these signatures, then the will could be considered invalid, which can lead to intestacy.
2. Don’t wait to update your estate plans
One of the benefits of having a will is that it can be updated whenever you choose. It is often important to update your estate plans frequently to make necessary adjustments to your last wishes and included assets. You can learn more about when and why it is important to review your estate plan regularly by reading this previous blog post.
3. Don’t use online templates
You could use an online template to plan your estate. It is often cheaper and faster. However, many states do not consider these pre-made templates valid estate planning documents. A premade will may not consider the intricacies of state laws. A spelling error may also invalidate the will. It is often better to draft a will with legal guidance.
4. Don’t ignore your asset protection options
While a will can help dictate your last wishes, that does not mean your assets are protected. Your estate could be taxed or challenged after you pass away. Instead, you could create a trust. A trust can protect your assets during and after your life.
To learn more about the estate planning process, you can reach out for legal help.
