No matter how careful we try to be, mishaps are a part of life. However, some errors have a way of affecting us and our families for more time than we bargained for. This is, unfortunately, a common occurrence in the estate planning process, especially when people go at it alone. Learn more about some of the most common issues people face when drafting a will, trusts in McAllen, and other estate plan documents.
Our McAllen lawyers can help you know your drafting options, review your assets, and help you file.
Failing to Fund a Trust Properly
Some people choose to use a trust to manage their estate. This allows for more privacy, flexibility, and control over the distribution of assets. However, failing to file a trust correctly can lead to many issues. The most impactful one is the distribution of property going through a probate process instead of the terms indicated in the trust.
Failing to Consider Tax Implications
When drafting an estate plan, it’s important to consider absolutely everything involved in the process. One factor that is commonly missed is tax implications. Failure to consider your specific tax implications can potentially result in your beneficiaries receiving less than you intended.
Read about other financial concerns in the will process:
Choosing the Wrong Executor or Trustee
The executor or trustee you choose has a huge responsibility in their hands. Choosing the wrong person can lead to delays, disputes, and even additional costs. It’s why it’s so important that you choose someone you can truly count on and who understands the importance of their role.
Failing to Discuss with Your Family
Estate planning is a meaningful step in life that you should share with your loved ones. While it’s important always to consider your privacy, failing to discuss your estate plan with your family can cause confusion, resentment, and even disputes.
Contact our McAllen Lawyers
Don’t let these common issues become a part of your estate planning process. If you feel overwhelmed with the process and need guidance, our McAllen lawyers can guide you. Contact us today to learn more about our services.