Planning for the future involves careful consideration of one’s long-term financial and legal goals. It requires thinking about what should happen with property and what estate assets will go to beneficiaries. This is a complex process, and mistakes could cause problems in the future when it is time to settle the estate or refer to the documents for direction. The best of intentions and careful planning can be derailed by a simple misstep.
Beware of common mistakes
One of the most common estate planning mistakes adults in Texas make is failing to have an estate plan in the first place. They may assume they are too young or not wealthy enough to justify the effort. This can lead to complications when a person passes, and it can mean that state laws will determine what happens to the decedent’s assets. Other common estate planning missteps include:
- Naming a family member as the executor of the estate
- Not listening to professional advice when planning
- Not planning in a way that maximizes tax benefits
Even a small issue with an estate plan can lead to expensive and stressful complications. While planning, it is prudent to consider all options, do the appropriate research and consider potential long-term impacts before making decisions.
Guidance at every step
Professional guidance is a crucial part of the estate planning process. This is true at every step of the planning process. Experienced counsel is essential when considering options, drafting documents and updating existing plans. A knowledgeable legal ally can help a Texas adult make decisions that will prove beneficial for years to come.