Estate planning is a serious process that requires careful thought. However, it’s easy for many people to make common mistakes that makes the process more difficult. There are three main estate planning mistakes that seem to happen more often than not: assuming you do not need an estate plan, assuming that an attorney is too expensive and therefore never making an effort to set up a plan, and failing to fund a trust when it is set up. At Evans & Mullinix, P.A., we have learned over the years how to recognize these mistakes and help thousands of people avoid these common estate planning mistakes.
How to Avoid Common Estate Planning Mistakes
Every Adult Needs Some Form of Estate Plan
Because we can’t see the future or travel back in time, it is essential to have some form of estate plan to prepare for the unknown. Unless you can see the future, estate planning addresses the “what if” in your life. It allows decisions about family, things that matter to you whether of great financial or emotional value to be handled as you intend.
Generally, many of us think that estate planning is limited to those with a large amount of financial assets with a desire to minimize estate taxes. Of course, that is one reason for an estate plan. But every adult really needs some form of estate planning. Even young families with small children need to consider estate planning. Not necessarily because they have accumulated a lot financially but for even more important reasons, such as protecting their children in the event of a tragic event. Determining who will have custody and making sure that your wishes are followed is critical.
There are also the other, furry members of your family to consider. If you have a dog, cat, or some other pet, an estate plan can help make decisions for their future. There are steps that Evans & Mullinix, P.A. can take to provide your pet with care if you are gone.
Estate planning is not just about money or decisions regarding your “stuff”. It also means creating medical directives that establish personal wishes for care and designating someone who is authorized to make decisions for you when you are not capable. Evans & Mullinix, P.A. can quickly and easily provide you peace of mind by addressing this need with the proper documents. As you go through life, your estate planning needs change and planning must adapt. Our estate planning approach has always been flexible to meet the evolving circumstances and personal requests you may have.
An Estate Planning Attorney Doesn’t Have to Break the Bank
There are many simple steps you can personally take to assure that you have a proper estate plan. Not everyone needs a trust or extensive tax planning. Evans & Mullinix, P.A. can outline those and provide guidance without “running up a bill”.
We pride ourselves on the fact that our attorneys offer the best advice for each person’s specific circumstances. You won’t be talked into something you don’t need or can’t afford. These are simple self-help options for those with more modest requirements which we can outline.
Estate planning is not just about assets like a house or stocks and bonds. It may be like giving advice on how you allocate things between siblings that have different relationships with you or among themselves. Sometimes it is about a personal item with emotional value like a favorite piece of furniture or an heirloom handed down from a great-grandparent that needs to be designated for a particular person.
We know these are important considerations for your planning. Evans & Mullinix, P.A. has almost 50 years of experience doing estate planning without running up unnecessary charges for our clients.
Finish the Plan
Over the years, we have learned that preparing a comprehensive estate plan and trust requires a final step—transferring assets to fund the trust. Evans & Mullinix, P.A. won’t just prepare the documents and leave you without the knowledge to complete the funding but will be there to see it done correctly. In some circumstances, we can do it for you (with your authority) or provide guidance for those items which you must do personally.
Part of what we will do is provide an action plan or road map for you which will be the finishing touch to a new and comprehensive estate plan. We will eliminate a lot of the questions about the “how” and “what” to do.
Knowing how to avoid estate planning mistakes is important. But equally important is the trust and confidence you will feel in your very first meeting with an Evans & Mullinix, P.A. estate planning attorney. It will become obvious, that we are here to protect your interests. Anxiety in dealing with this emotionally charged area will quickly dissipate and provide you a sense of comfort that you are doing “the right thing” to protect your loved ones.
Call 913-962-8700 or contact us today to set up an appointment. You will be glad that you did.
