DAL Law Firm: Avoid common mistakes in estate planning

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Avoid common mistakes in real estate planning

Creating an asset plan is important, but it is essential to create something that avoids common pitfalls and mistakes. After all, you don’t want to go through all the time it takes to create a plan to protect your loved ones, just fill it with errors and eventually cause them stress and headaches. increase. Creating a real estate plan allows you to do so with minimal tax obligations for the beneficiaries and reduces the chances of a real estate litigation between heirs. Not only does a well-prepared estate planning document help maximize the value of your asset, but the process of working with an asset planning attorney gives you the opportunity to speak through important decisions.

Below is a list of common estate planning mistakes.

• • Plan fails – Whether you have an asset planning document or not, the one closest to you is left to manage your final business. You can rest assured that you know that you have a real estate plan at a time when you often feel uneasy.
  • Not discussing with family and friends – Many people are involved in important decision-making and do not discuss property planning with designated beneficiaries, executors, and those affected by the distribution of assets such as adult guardianship. The advantage of informing everyone is that it helps to minimize confusion and provide a clear direction on how to handle assets.
  • Failed to change recipient information – If the beneficiaries of life insurance, investment accounts and severance pay accounts are not regularly reviewed and kept up to date, income may be sent to unintended people, such as former spouses.
  • Forget about the adult guardianship system and the power of medical personnel – You’ve probably heard of nightmares that can occur when a family disagrees with a loved one in life support. All 50 states allow you to express your wishes regarding treatment and appoint someone to contact for you if you become incapacitated. In some states, these legal documents are known as wills, medical instructions, medical agents, or pre-medical instructions. In one of these legal documents, specify a trusted person to follow your wishes.

It can be a little overwhelming, especially if you are just starting your real estate plan. Having an experienced real estate attorney will give you an understanding and a sense of security. Here at DAL Law Firm, we can navigate the planning process and help you make the best decisions for you and your family.Contact us by phone or text now (206) 408-8158.. We look forward to helping you.

inquiry:

198031st Avenue S.
Suite 200
Normandy Park, WA 98148

T (206) 408-8158
F (206) 374-2810

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