There are plenty of reasons to consider an estate plan if you have not already. These plans could ensure that your heirs recover as much of your estate as possible after your passing. They could also make certain that your wishes are followed in cases where you require medical care but lack the capacity to make such crucial decisions.
Whether you are concerned about your legacy or want to ensure your medical needs are met, a seasoned attorney could help. By working with a Pottawatomie County estate planning lawyer, your final wishes could be respected by your heirs and the court.
Dealing with Estate Planning Mistakes
Any time a person takes on the estate planning process, there are countless mistakes that could derail the process entirely. The risk of a significant error is much higher without the guidance of an experienced Pottawatomie County estate planning attorney.
There are technical requirements that every estate planning tool must comply with. From wills to trusts, the legal documents that come with these estate planning tools must meet the requirements under state law to be valid. Unfortunately, many people that attempt to develop an estate plan on their own fail to comply with these requirements.
Missing Residual Clauses
Wills and other estate planning tools should include something known as a residual clause. These clauses are useful in that they prevent forgotten assets from upending estate plans—especially those designed to avoid probate. If an estate plan does not designate a beneficiary for every asset, it will be necessary to open up a probate case. These clauses give blanket coverage for any property not specifically awarded in the will.
Failure to Consider Tax Consequences
There are certain tax consequences that can come with the transfer of wealth from one generation to another. It is important to take these factors into account when developing an estate plan. Without doing so, the person creating the estate plan could leave their beneficiaries with an unexpected tax bill.
The Value of Avoiding Probate
There are many different reasons to create an estate plan. For some people, these plans are designed to ensure their wishes are respected when they are incapable of making their own medical decisions. Other people pursue an estate plan to take care of their assets after their passing. One of the most significant benefits of estate planning can be avoiding probate.
Many estates cannot be distributed until they go through the probate process. This is problematic for beneficiaries, as it can be costly and time-consuming. The good news is that there are estate planning tools that could help with avoiding the process entirely.
An estate planning lawyer in Pottawatomie County could assist with developing a plan that will avoid probate. This is possible by relying on tools like revocable trusts. By transferring assets to these trusts during the lifetime of the trust creator, it could be possible to pass them on to beneficiaries without the need for the probate process.
Call a Pottawatomie County Estate Planning Attorney to Get Started
Creating an estate plan is essential for your peace of mind. With a plan in place, you no longer have to worry if your medical wishes will be adhered to or if your heirs will secure the inheritance you want for them.
A Pottawatomie County estate planning lawyer could assist you during every step of the estate planning process. Call today to learn more.