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The Most Common Estate Planning Mistakes That People Make

By Richard Wariner Subscribe to RSS | March 19th 2012 | Views:
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Estate planning is all about deciding where your plans will go when you pass away. When the matter relates to Estate planning, it has often been found that people commit good deal of mistakes. This mainly happens when one doesn’t plan diligently or fails to take the expert assistance of Estate planning Attorney. Well, if you live in Pasadena, you need to be bit careful enough before planning or appointing a qualified estate planning attorney in Pasadena else there is always a chance of landing up in trouble or immense financial losses. Mind you a single mistake can cost you heavy, resulting in part of you estate being unjustly taxed and properties being handed over to wrong beneficiaries against your wishes. So, let’s have a glimpse at some of the most common estate planning mistakes that people commit unknowingly or knowingly.

Lack of proper planning

One of most common mistakes individuals make when it comes to their estate planning is that they run short of adequate plans. Actually, many people think that their loved ones or beneficiaries will be able to carry out their wishes for them easily when they will die. But in reality this is not so. If anybody in Pasadena dies without a will, state law will determine the status of his possessions and will take the decision by itself. This simply leads to discontentment and utter confusion all together.

Never forget to review or update your plan

The other notable mistake is the failure to review or update your plan whenever necessary. It is always a good idea to stay conscious of the updated or current tax laws as changes in the law might hamper your estate planning strategy. An estate planning attorney in Pasadena can help you in this regard ensuring that you go a long way in a safe manner.

Choose your Beneficiaries Right

Your beneficiaries are those persons who will succeed to your estate whenever you pass away. It is important that you consider the name of beneficiaries bit smartly and carefully. Choose the right individuals for the estate you will be leaving behind. Normally, what we see is that the beneficiaries are mostly children or spouses. So, if you wish to have more control over the estate post death, it is important to set up a Trust for your beneficiaries which would help them in leading a safe and secure future.

Select the right Agent

People often commit great mistakes by selecting wrong and incompetent agent. It is always necessary to select an agent who knows you and your wishes well. The agent must have a good understanding of his or her role in the estate related matters and must extend his or helpful hands, in doing the needful.

Updating Trusts while moving

If you stay in Pasadena and plan move to a new state, it is necessary to inform your trust, if you find the laws bit different. For example, a few laws approve a Joint Revocable Living Trust plan for couples who are married, while one the other hand, common law property asks for another plan. You also have to change powers of attorney and other documents if needed while you relocate. So, here you have to find a proper Estate planning attorney Pasadena who will make sure that your trust is as it ought to be for the new state.

So, the next time you sit for estate planning make sure you get accustomed to the above mentioned common mistakes, since this will help you get rid of the estate related troubles.

Richard Wariner - About Author:
Richard Wariner is a reputed Estate planning attorney Pasadena who believes that there are plentiful of common mistakes that people often commit. He stresses the importance of finding a qualified Pasadena Trust attorney to ensure that your estate passes to the right person and in the manner you've chosen.

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