It is never too early to begin estate planning. The process could provide you with a plan for later in life as well as for your heirs after you have passed. Your estate plan could ensure you have the medical care you deserve at the end of your life while also making certain your final wishes are adhered to when your property is passed on.
If you are considering an estate plan, it is important to check in with an experienced attorney first. These plans could be invaluable tools, but only when they comply with the law. A mistake during this process could have serious consequences. Let a seasoned Riley County estate planning lawyer advise you throughout this important process.
Common Estate Planning Tools
There are numerous tools available to estate planning attorneys in Riley County. Not every person has the same needs, and the right estate plan for one person could vary significantly from what works for others. A skilled lawyer could provide insight into the right estate planning tool for any situation.
The most common estate planning tool is known as the last will and testament. A will is frequently used along with other estate planning tools. These documents spell out how an individual wants their property distributed following their death.
Wills often work in tandem with irrevocable trusts. A trust is a form of legal entity that becomes the owner of another person’s property. This arrangement allows an individual to enjoy income from their assets while avoiding probate. In addition to wills and trusts, other estate planning tools include:
- Payable-on-death contracts
- Life insurance
- Living wills
Estate Planning Mistakes
Even minor errors can turn an estate plan on its head and disrupt the intended outcome of the estate creator. Avoiding these mistakes is important, but it can be difficult without help. A Riley County attorney could develop an estate plan that complies with the law and meets the needs of the estate creator. Some of the mistakes they could help avoid include:
One of the most common—and most disruptive—mistakes involve errors with the beneficiaries. Every estate plan requires beneficiaries, which are the individuals that will receive the assets of the estate after the creator passes away. Possible mistakes could involve failing to name a beneficiary or updating beneficiary information.
Failing to Follow the Law
There are strict laws that apply to creating legal documents like wills or trusts. The failure to meet these requirements could render the entire estate plan worthless. It is important to allow a meticulous legal professional to develop these documents in order to ensure all technical requirements are met.
Missing Residuary Clauses
A residuary clause is language in a will that designates a beneficiary for any asset that is not specifically mentioned in the will. Without one of these clauses, unaccounted-for assets could force an estate into probate when that was not the plan.
Get in Touch with a Riley County Estate Planning Attorney Today
Making a plan for the future is important—but doing it on your own can be risky. By seeking out legal counsel, you could limit the risk of making a critical mistake.
Let a Riley County estate planning lawyer help you plan for the future. Reach out as soon as possible for a private consultation.