What are the Common Mistakes in Estate Planning in Bluffton

Estate Planning in Bluffton 

Estate planning in Bluffton is one little-known aspect of financial preparation. Of course, nobody wants to think about dying and putting together a complete estate plan that may be uncomfortable and complicated. It is necessary if you want your estate to be allocated according to your wishes.

At The Fraser Law Firm, LLC, we understand the sense of apprehension that leads many people who would not usually require estate planning in Bluffton due to their age or financial situation to want one now. However, we also promote its value as it includes financial assets such as property and money and ensures that beneficiaries receive items from someone’s estate when they pass away.

The Common Mistakes to Avoid in Estate Planning in Bluffton

Below are some of the most typical estate planning mistakes:

Estate Planning in Bluffton
  • Not Having an Estate Plan 

We are constantly startled by the number of people who have no strategy to manage the outcome of their property when they die, especially those with significant assets and close family links. If you die without a will, it can put a lot of burden on your family and cause your estate to get stuck in probate court.

  • Doing Estate Planning Yourself 

Downloadable will and trust forms are easy to do and inexpensive, but they need the thoughtful, strategic insight that only an experienced estate planning lawyer can provide. An experienced estate planning lawyer can anticipate your needs and help you avoid mistakes. Furthermore, failing to execute and witness a do-it-yourself will or trust correctly will save your valuable documents.

  • Failure to Put Money Into Your Trust

Making yourself your own property owner is one of the most typical and costly results of a do-it-yourself project. If you pass on with your assets titled in your name rather than the trust’s, the property you planned to pass smoothly to your trust’s beneficiaries may become stuck in probate, with the risk of not being managed and dispersed as you intended.

  • Not Having Advance Directives

End-of-life planning ensures that your wishes are carried out accordingly. For example, a living will expresses your preferences for life-sustaining measures. In contrast, a healthcare power of attorney chooses someone you trust to make resolutions on your behalf if you cannot communicate your wishes.

  • Your Estate Plan Isn’t Up-To-Date

Time flies, and life events can rapidly render estate planning obsolete. So, be vigilant to check for changes in your personal or financial circumstances. Retirement, divorce, marriage, deaths, births, tax law changes, business startup or sale, relocations, and other life events are some reasons to revise your will or trust.

  • Making the Wrong Personal Representative or Trustee Selection

When you make a will or trust, you name a trustworthy person as your representative or successor trustee. However, choosing that person is not a decision you should take lightly. Someone should fill that vital duty with the temperament, integrity, knowledge, and capacity to effectively administer your estate and trust.

  • Overlooking Beneficiary Designations 

You can avoid probate by putting a beneficiary on retirement, life insurance, and investment accounts. These designations precede any provisions in a will or trust that contradict them. It would help verify your beneficiary designations regularly to ensure that you have named a beneficiary and alter them as needed.

Frequently Asked Questions

What are the Advantages of an Estate Plan?

You will give your family peace of mind if you have an estate plan. They won’t have to be concerned about what happens to your money, property, or investments. You have explicitly stated what you want to happen with your money through a will or a trust. Due to your decision and instructions, it will make it easier for your family to deal with your untimely death. Furthermore, good preparation might save your estate thousands of legal costs.

When Do I Start Thinking About Estate Planning?

There is no apparent time, but even a 30-year-old millennial who is single should have a will. It would be beneficial if you were ready for everything and you wanted to look after your family. You should create an estate plan if you have heirs or significant assets such as a home, property, investments, retirement funds, or other financial accounts. Please don’t put it off. Your loved ones will be grateful.

When Should I Update or Change My Estate Plan?

You should amend your will or trust whenever a significant life event occurs. For example, buying a home, starting a business, having children or grandchildren, being divorced, being diagnosed with a severe medical condition, or even inheriting a significant sum of money are all possibilities.

Your Lawyer, Focused on Estate Planning, in Bluffton, SC

Estate planning is a complex process, and each estate plan is different. Unfortunately, frequent estate planning blunders can have unanticipated and costly implications if not detected and remedied. The good news is that you can stop these blunders with the guidance of a competent attorney in estate planning.

If you are searching for a trusted lawyer whose focus is in estate planning in Bluffton, SC, look no further than The Fraser Law Firm, LLC. We have years of experience assisting families in planning for their future, and we would be honored to assist you as well. Call us to schedule a consultation with one of our experienced attorneys. We look forward to hearing from you soon.

Contact The Fraser Law Firm, LLC at 843-681-9111

The Fraser Law Firm, LLC
94 Main St # D, Hilton Head Island, SC 29926, United States
(843) 681-9111

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