Estate planning allows you to determine what happens to your assets when you pass on. Whether it’s the house you worked hard to buy or a family heirloom that has more sentimental than monetary value, you want these items to go to the right people. Unique complications can arise when drafting the relevant legal paperwork, however. Find out what to watch out for in the sections below. 

The Top Complications for Estate Planning

1. Properties in Multiple States

If you have another piece of property in a state other than the one you live in, this needs to be addressed. The state where you reside–your legal “domicile”–is where any relevant taxes will be paid. If your domicile is not made clear, you run the risk of having two different states tax your estate, eating into the assets that should go to beneficiaries. 

2. Beneficiaries Around the Globe

If any of your beneficiaries live abroad, you need a lawyer with experience in overseas estate planning. Inheritances are taxed in other countries as well, but the United States has treaty agreements with many places to avoid double taxation. An international bequest also needs to take into account what types of assets you can legally leave to non-U.S. residents.

3. Emotional Family Issues

Even if all your assets and family reside in the same state, prepare for potential disagreements. Is there a possibility of children feuding over sentimental heirlooms? Are any members of the family estranged? Keep in mind that a will is made public, so everyone will know “who got what”–one reason many people prefer the privacy of a trust. In addition to having an attorney draft legally airtight documents, avoid strife by being forthright with beneficiaries about what they can expect. 

When residents of O’Fallon, MO, want estate planning services they can trust, they look to Woodlawn Law Offices. With over 25 years of experience, this law firm is known for giving each client competent legal guidance and individualized attention. Find out more about their work in wills & trusts online. For an appointment, call (636) 240-6667.