In the News – 7 Big Estate Planning Mistakes – Relying Only on a Will
In Bob Carlson’s first installment of his blog series “7 Big Estate Planning Mistakes,” he discusses how relying only on a will to cover all the fundamental information necessary is insubstantial. Many people believe that having a clear and dedicated will is enough, but a detailed estate plan is much more important to see to it that your wishes and assets are properly followed.
Carlson does not attempt to discredit the need for a will, in fact he says it “is essential to every estate plan” which we couldn’t agree with more. But it is only a single part of the estate plan to consider. Estate plans should also note powers of attorney, guardianship, and other important documents such as records and accounts or real estate properties.
In his article, Carlson also highlights several reasons why a will is not enough. First of all, without other proper documents like Powers of Attorney or established trusts, the courts may make weighty decisions for you. Additionally, asset transfers may occur outside of the probate process and create stress for the beneficiaries. Finally, an estate plan may include establishing a trust, which would allow you to potentially avoid probate completely.
Having a dedicated will is essential for everyone, but an estate plan is just as important and most often overlooked. Contact the estate planning lawyers at Pankau Law today to begin the documentation process and have a bulletproof estate plan.
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