Despite the common misconception, an estate plan is not exclusively for the rich and the famous of St. Paul. After all, a person hasat least one property of value, which allows them to benefit from having an estate plan.
An estate plan can maximize the actual value of an asset that heirs or beneficiaries can inherit. It can also provide the estate owner an opportunity to make informed decisions when handling their assets before death.
Some people are not familiar with estate planning, though. In turn, a few of them commit these mistakes in the process:
No Clear Beneficiary or Heir
The source of all headaches when it comes to estate planning is not declaring who gets what. If estate owners did not have a will upon their passing, the law determines who will receive their assets. To avoid this issue, estate owners must designate a beneficiary or heir when preparing their will.
Some people tend to put off their estate planning until it is too late. To avoid the stress of lacking an estate plan, contact a local law firm in St. Paul. Lawyers can help estate owners assert their rights and ensure their assets fall into the right beneficiary.
Choosing the Wrong Person as the Executor
There are instances when estate owners make a poor choice for the executor of their plan. While a spouse or child may handle the affairs of the estate after the owner’s death, there may be another person who ismore suited to the task. This individual can objectively handle the extensive duties and the demands required of an executor or even as a trustee.
Early estate planning is necessary to make sure the right parties will receive your assets. The sooner you start planning, the more prepared you can be for any unexpected issues that may arise later on.