Developing an estate plan can be one of the most critical steps you take to protect your legacy and provide for your heirs after you are gone. These plans could protect your assets and significantly reduce the tax burden during your lifetime as well as after your passing.
As helpful as estate planning is, mistakes during the process could leave your heirs in a tough position. From unexpected tax issues to costly challenges to a last will and testament, errors made during the estate planning process can be costly. It is vital to seek the guidance of a skilled attorney before addressing issues with estate planning in Junction City.
Probate Could Complicate Estate Planning
For many people, avoiding probate is the central purpose of their estate plan. Probate is the legal process in which the court validates a will and oversees its execution. Probate can be a costly and time-consuming process that can make things difficult for surviving relatives.
Unfortunately, there are issues that can arise in an estate plan that could result in probate becoming necessary. If a will or trust does not account for all of the assets of a person, it could be necessary to initiate probate. An experienced estate planning attorney could help an individual draft testamentary documents in a way that avoids the issue of probate altogether.
Failure to Update Beneficiaries
Estate planning is an ongoing process. While some people might develop their plan and then wash their hands of the process, it is vital to continually update the plan as life factors change.
One of the most important updates that should be made to an estate plan is the beneficiary information. Over time, the owner of the estate could feel differently about how their assets should be distributed following their passing. To ensure that change is reflected in the estate plan, it is necessary to update the beneficiaries as soon as possible.
It is helpful to update beneficiary information in an estate plan on an annual basis. That said, it is always a good idea to review beneficiary information after every major life change as well. This could include marriages, divorces, or the birth of a new child. A knowledgeable Junction City attorney could help an individual ensure that their wishes are reflected in their estate plan and avoid future issues involving beneficiary designations.
An estate plan should take all assets into account. This is often easier said than done, as many people own numerous assets and possessions at the time of their passing. When assets are not accounted for, the division process can end up being drawn out and costly because probate is necessary.
These issues could be rectified with something known as a residuary clause. A residuary clause states that everything in the estate that is not accounted for goes into a specific trust upon the owner’s passing. This catch-all provision is a useful tool for avoiding probate. An individual could include a residuary clause in their estate plan with the guidance of an experienced Junction City attorney.
Speak with an Attorney About Issues with Estate Planning in Junction City
Issues with estate planning in Junction City are common, but the good news is that there are steps you can take to resolve them. By drafting your estate planning documents with the help of a seasoned attorney, you could ensure that your wishes are respected after you are gone.
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