Protecting one's assets and life legacy for generations to come is not something California residents typically think about. In truth, the subjects of death and estate planning make many people feel uncomfortable. As a result, some people are hesitant to even get started. This in itself is common mistake people can make when protecting their estates.
Unfortunately, these issues do not usually work themselves out as many people believe. In reality, not attending to estate planning while you are of sound mind can cause your loved ones many problems after you die. Instead of letting your fear win, consider speaking with an estate planning attorney to get the facts and avoid common mistakes.
One of the biggest mistakes is believing you are not in need of estate planning. Perhaps your estate is small or you do not have many heirs. Estate planning is more than creating a will. For example, putting one or more trusts in place is one of the strongest measures you can take. A trust can protect the assets you do own while making sure your heirs use the funds wisely.
Another huge mistake people often make is not keeping an estate plan current. As your life and your assets evolve or change, then so should your estate plan. This ensures any new family members such as a spouse, children or grandchildren are provided for and remembered accordingly.
Finally, a potentially devastating mistake is attempting to do your own estate planning. When property or money of any significant value is at stake, you will benefit from a professional and authoritative approach. We urge you to read our blog or our main website for more information about the value of properly planning effective trusts and wills.