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With a proper estate plan, you can ensure your loved ones are protected and cared for after you pass away. Unfortunately, mistakes made during the planning process can create unintended estate planning law issues, tax complications, and even family discord. Here's a closer look at what to avoid to help ensure harmony when your final wishes are implemented.

What Not to Do When Creating an Estate Plan

1. Neglecting to Update Your Plans

Estate planning should not be a one-and-done process. As important events happen in your life, including marriages, births, deaths, and divorces, your documents need to be updated to reflect those changes and milestones. 

Otherwise, you risk having your money and assets go to inappropriate people, such as an ex-spouse or estranged sibling. There’s also a chance that provisions may not exist for important individuals like grandchildren or great-grandchildren.

2. Not Planning for a Beneficiary's Death

Unfortunately, there’s no way to guarantee that all of your beneficiaries will outlive you. This is why estate planning attorneys stress the importance of naming contingent beneficiaries on all your applicable accounts, including life insurance policies and retirement accounts. It’s also wise to revisit your will periodically to ensure none of the beneficiaries need to be replaced.

3. Overlooking Probate Options

Georgia attorney

Georgia estate planning law requires the estates of the deceased to go through a legal process called probate. During this process, which can be long, tedious, and costly, the court confirms the validity of the will and oversees the administration of the deceased's estate. 

However, there are tactics for bypassing this probate, such as funding a revocable trust or holding property jointly with a spouse. Make sure to speak with your attorney about how you might be able to avoid the process. 

4. Not Including a Living Will & Power of Attorney

While most of the arrangements you make during estate planning go into effect after you pass away, these two important documents are designed to protect you while you're still alive. With a living will, you can relay any preferences you have about end-of-life care. With a durable power of attorney (POA), you can grant another person the right to make medical and financial decisions for you if you become incapacitated. 

 

For more estate planning advice, get in touch with Dyer & Rusbridge, P.C. in Canton, GA. With more than 50 years of combined experience, these seasoned attorneys are experts in all areas of estate planning law, including probate and wills and trusts throughout the Cherokee County area. Visit their website to see their full list of practice areas and call (770) 479-7418 to schedule a consultation today.

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