When you’re estate planning Ashburn VA, you should not be doing it on your own. There are a lot of potential mistakes that pop up. For example, there are quite a few laws that might trip you up. So when you’re writing that will, you are going to need an experienced hand holding your own.
Here are a few common mistakes that can be easily avoided if you had help from a good lawyer.
Not Knowing What Happens to Your Assets
The foundation of all estate planning Ashburn VA is knowing exactly what happens to your assets after you die. A lot of the time, a will is what people intend to use as a way to control this. However, because of modern financial instruments like trusts and retirement plans, this is not complete.
For example, life insurance does not come under a normal will. If you want to ensure that your life insurance goes to the person you want it to, then you will need to change the beneficiary of the plan as part of your estate planning efforts.
Your lawyer would identify which assets need personal attention so that they go to the right person.
Not Minimizing Estate Taxes
Death and taxes are the sort of things you can’t avoid and when you die, someone is going to have to pay the taxes on your estate. However, these taxes can be pretty large, depending on the size of your estate. You will want to have your inheritors get more of your property, so you will want to lessen this tax burden. There are various tax means that a good estate lawyers know to use to ensure that your heirs get as much as they can.
Lack of Coordination Between Trusts and Retirement Plans
Trusts and retirement plans are two different things. A lot of people automatically have their trusts be the beneficiary of their retirement plans. The trouble is the wrong plan would attract the attention of the IRS and accelerate the taxing of your trust. You need to ensure that everything is good with the IRS and that is where a lawyer would be able to help.
Not Constantly Updating
Your life changes in an eye blink. You may want to do something differently. If you are near the end of your life, you may want to regularly update your estate plans every year. Having all the files with your lawyer will make things a lot easier. They know what to do and can make updates quick and painless.
Having The Wrong Person Handle The Estate
Most people leave their estate to be handled by a family member. However, this can be a mistake, especially if they don’t know anything about estate law. You will want a lawyer to help ensure everything is done smoothly.
No Disability Plan
Death is not the only way you can lose control of your estate. Disabilities like a coma or something that stops you from acting can ruin your finances. A lawyer can draw up a plan in case you are rendered disabled by an accident or disease.
Delaying Your Estate Planning
Never delay your estate planning. Death can come at any time. Consult with a lawyer to know what needs to be done to get your estate planning done.
Our team at Dominion Legal PLC helps our clients with estate planning Ashburn VA . Contact us today if you need help preparing for the future.