February 06, 2023
One of the most difficult phases of life for a family is during the loss of a loved one. Alongside the grief, another challenge that could arise is the conflict that may come with property attached to the name of the deceased. It has sometimes even led to family wrangles as to who will get what.
One of the important things you need to do is estate planning. This will help you create a plan for the distribution of your wealth when you are gone or incapacitated and avoid conflict, as well as handle any additional revenue that may be charged on your property.
But what if you do not have a lot of assets? It is important to note that estate planning does not only apply to individuals who own substantial amount of assets. Estate planning could be beneficial even for individuals who may not have “a lot” of assets. Villeda Law Group is ready to assist you and help you avoid the common estate planning mistakes.
As much estate planning you may have already done, there are some important things that need to be part of your plan.
Estate Planning Mistakes to Avoid
Failing to disclose the plan to the beneficiaries
When planning an estate, it may be important that you share your information with the beneficiaries. This will aid in the transfer process as well as prevent contention that may be related to any expectation that individuals may have concerning their inheritance.
Failing to involve a professional
It is important to involve an individual who is familiar with the legal processes or potential tax liability that may be involved with your property and its transfer. If you are in the Rio Grande Valley, consider Villeda Law Group to help you create the best plan for your estate to avoid any mistakes or omissions.
Inconsistent update of the estate plan
You are likely to make an addition of assets every now and then. It is important to ensure that any property acquired after you engage in estate planning is included as soon as you purchase it.
You may also decide to dispose of some of your property. In that event, it is important to ensure that you remove the property from your estate plan.
You also need to ensure that you update your estate plan in the event that one of the beneficiaries becomes deceased or incapacitated.
Not considering the potential need for healthcare
Among the important things is a consideration of medical care. You need to prepare in advance for any potential illness that may require funding that may leave a financial dent.
Inclusion of a minor without a guardian
In the event that you plan to leave property to a person who has not attained a certain age, it is important to appoint a guardian who will see to it that the beneficiary receives the inheritance once they are of age.
Failure to consider secondary beneficiaries
While planning an estate, it is important to consider the likelihood of death or the incapacitation of a primary beneficiary. In that case, you may need to include in the plan a contingent beneficiary for the property.
Forgetting to include the power of attorney
When planning an estate, it is important to appoint an individual to assume power of attorney. This person will take charge on your behalf over your property when deceased or incapacitated. Consulting with Villeda Law Group will give you the knowledge of Texas requirements and what you need to know when handing over power of attorney.
Some of these estate planning mistakes could lead to loss of property or potential lawsuits that may lead to extra costs in the pursuit of resolving estate-related conflicts. At Villeda Law Group, we recognize that every estate is particular, and we will help you counter these mistakes by coming up with a tailor-made plan that will be a great fit for your estate.
We will help you consider the necessary requirements and educate you on estate planning issues that you need to be informed of and be of assistance in navigating them. We will be the partner you need to bear witness to the fulfillment of your wishes on your estate. Call us today and have your appointment set to start estate planning.