Top 3 mistakes people make with their last will and trust
Learn from these mistakes you can’t afford to make
Your last will and trust is something that many people avoid dealing with until it is often too late. And while there are many ways to go wrong with your last will and trust, but here are three common mistakes that many people make:
#1 – Not having a last will and trust
Many people think that if their assets are not significant enough to merit a will and/or trust, but this is not true. No matter how big or small your estate is, drafting a last will and/or trust will ensure that your assets go to the heirs you choose and, where appropriate, are protected from unnecessary taxation.
#2 – Not updating wills or trusts as life progresses
Whether you change jobs, acquire assets, get married, or have a child, your will and trust should be updated to reflect these events. Without an up-to-date will, it will be nearly impossible to ensure that your loved ones are cared for and your assets preserved or transferred as you intended.
#3 – Forgetting about taxes
This is a common mistake for those who try to do their will and trusts on their own, without consulting a professional. It is easy to overlook certain taxes or other fees that may be charged to your estate after you pass away, leaving your heirs or your executor with the unpleasant task of addressing these bills. However, with an experienced estate planner, you can structure your estate to minimize the taxes that are due while ensuring that the funds are available and allotted for the necessary taxes.