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Some Common Estate Planning Mistakes to Avoid .pdf



Original filename: Some Common Estate Planning Mistakes to Avoid.pdf
Title: Some Common Estate Planning Mistakes to Avoid
Author: Anupma

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Some Common Estate
Planning Mistakes to Avoid
Whether you own a sprawling estate or a modest one- bedroom house,
estate planning must top your list of to-do-things. A carefully planned and
executed estate plan helps avoid confusion regarding property transfer,
management and disposal (in the event of the person’s death). To help
their clients manage their estate better, many private bankers in India offer
estate planning services as a part of their private wealth management
packages. Before consulting any of these private bankers in India, you must
learn about some common estate planning mistakes listed in the post. Take
a look.

1. Not Updating the Will as and When Required
There are many events in a family such as a birth, a death, a divorce, or a
new property acquisition. To avoid confusions when dividing property and
ensuring the intended person gets their share, it is important that the
estate owner updates their will whenever these or other changes take place.

2. Failing to Plan for Disability
Estate planning is not only done to decide property transfer in event of the
owner’s death. The person must also plan for a long term disability that
can hamper their ability to earn, therefore, impacting their financial
condition. It is, therefore, advisable that property owners take important
decisions such as who handles their finances, raise their kids, and take
health care decisions on their behalf in case they become permanent
disable.

3. Procrastinating
Many people wrongly think that estate planning is an activity meant only
for the super rich. Many property owners procrastinate estate planning till
there is a death or disability in the family. Further, some people think they
are too young to have an estate plan in place. A delayed estate plan can fail
to serve its purpose, and can result in the person’s dependent uncared
for.

4. Not Seeking Expert Help
People with a simple family and financial condition can draft a power of
attorney and some other documents themselves. That said, there may be
legal issues that they are not even aware of. To avoid legal hassles and
confusions, it is advisable that people who draft their documents must
request a lawyer to review the papers.
Conclusion
Not having an estate plan in place can be detrimental to the property
owner’s and their family member’s interest. Further, the person must
be very careful when nominating a caretaker or an executor and if possible
must choose an individual who is not personally invested to perform the
duties of a guardian, an executor or a caretaker.


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