When it comes to estate planning, there are a few key mistakes that you should avoid if you want to ensure the health and well-being of your loved ones after you’re gone. Here are some of the most common:
1. Not Having an Estate Plan in Place
One of the first things you should do is create an estate plan. This document will outline who will inherit your property, how much they’ll receive, and when they’ll receive it. Without an estate plan in place, it can be difficult to determine who will take care of your loved ones and what assets will be available for them when you die. To get solutions to avoid estate planning common mistakes in Calgary, you can also browse this website.
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2. Not Updating Your Estate Plan as Necessary
As your family and property grow, so must your estate plan. If you don’t update it every few years, your estate may not reflect the current state of your affairs or the changes in law that may affect your beneficiaries.
3. Failing to Trust Your Attorney
An estate lawyer is responsible for ensuring that all legal documents pertaining to an estate are filed correctly and on time – no matter how complex the situation might be.
4. Not Reviewing Your Will Regularly
A will is one of the most important documents you’ll ever create, as it determines who will inherit your property and how it will be distributed. Make sure to review it every few years and make any necessary updates to ensure that it’s still effective – especially if you have children or grandchildren who may need inheritance money in the future.
