If you are currently involved in estate planning in Brookville, PA, you most likely have many questions. Achille, Ellermeyer, Wallisch & Sobol Attorneys At Law can assist local clients in creating sound a solid estate plan that will carry out their wishes regarding their assets and property. They say it’s important to avoid the common mistakes people make when creating estate plans, as these can greatly hinder the entire process.
4 Common Estate Planning Errors to Avoid
1. Not Creating a Valid Will
A will is the cornerstone of any good estate plan, and failure to create a legally binding one can prove highly detrimental. Failing to create a will means the state will be responsible for disseminating your assets, which can be disastrous for your family from both a personal as well as a financial perspective.
2. Neglecting to Fund a Living Trust
Not properly funding your living trust is another common mistake people make when it comes to estate planning. Assets must be transferred over to a living trust after it’s established. Additionally, any new assets you acquire during the course of your life must also be moved over to the trust.
3. Failing to Inform Beneficiaries
If you have assets and properties spread among many different locations, it’s vital you provide this information to your beneficiaries. In some cases, assets may be lost or left unclaimed if your heirs are unaware of their existence or location. In the same token, be sure your family knows the location of important estate planning documents, and always leave a copy with your lawyer.
4. Naming the Wrong Executor
The executor of your estate will be responsible for many duties, from distributing assets to ensuring debts are paid off. Accordingly, you’ll need to select the right person for the task to ensure your final wishes are carried out. For this reason, some people opt for a professional trust company when naming an executor.
Whether you have estate planning questions, are in need of a staunch criminal defense, or would like to make a personal injury claim, Achille, Ellermeyer, Wallisch & Sobol Attorneys At Law can address even the most complex legal issues. Take advantage of their decades of combined legal experience by calling (814) 849-6701 today. You can also learn more about this Brookville legal team by visiting them online.