Estate planning is not always a simple matter. There are taxes, debts, and assets to consider. Many aspects of estate planning can be complicated and if not done properly can lead to major problems later. This is why it is always best to contact an estate planning lawyer in Missouri to help with your estate planning needs. Below are some common mistakes to avoid when estate planning.
Delaying the Drafting of Legal Paperwork
It is important to draft your estate planning documents as early in life as possible. Too many people keep putting it off since they think this should only be done by elderly individuals. If you have children or other dependents, it is better to have your estate plan figured out sooner rather than later. The estate planning attorneys at Grayson & Grayson can guide you through the process.
Forgetting to Update
Wills and other estate planning documents should be updated over time. These documents are not something to draft and forget about for years. Beneficiaries may need updating, assets or liabilities may change, and the value of things may increase or decrease over time. These are all things to take into consideration, and it is important to review and update your estate planning documents periodically.
Forgetting to Coordinate Your Beneficiaries
If you have different beneficiaries listed for your life insurance, retirement accounts, and will, then there is going to be trouble. What is listed in your will may be superseded by the beneficiaries listed in your other accounts.
Signing an Estate Plan You do not Completely Understand
If you sign legal documents, it is crucial that you know what the terms and conditions mean. An estate planning attorney at Grayson & Grayson will be able to help you understand everything involved in the estate plan and answer your questions. If there is anything in the estate plan that needs to be updated or changed, it is best to change it right away.
Mistakes in your estate plan can result in many costly and time consuming problems in the future. Save yourself and your family from the hassle by contacting a Grayson & Grayson attorney. A skilled estate planning lawyer will be able to help you avoid these costly mistakes and make sure everything is done correctly. Contact our office at (573) 635-0308 today to schedule your consultation.