Estate and will planning in Sussex can be a daunting task, so much so that commonly people procrastinate and end up regretting putting it off. One of the worst mistakes you can make in life is failing to draw up a will to pass on your assets and make sure that your loved ones receive their inheritance without stripping your estate of much of its value. An estate plan is your best defence against a long probate process, intestacy, and exorbitant inheritance taxes. Not having a plan in place may hurt your family’s security after your demise or incapacity as this leaves the decision to distribute your assets to the discretion of the courts, as dictated by law.
People who do have the wherewith all to draw up an estate plan, however, may still fall faul of errors that make their wills less effective. One mistake you should avoid when making a will is failing to name a guardian for your minor children, something that can have a direct effect on their future. Leaving them in the care of people you trust will help give them a better chance at a brighter future in your absence.
To avoid probate, a lot of older people would add their adult children to the title of their assets, effectively exposing their properties to the creditors of their co-owners. This makes you lose control of your assets and could lead to other kinds of problems like the possible misuse of your properties or the asset being subject to a divorce settlement. Relying on a joint ownership in order to defer or avoid probate isn’t the smartest move you can make when it comes to estate planning.
Finally, failing to plan for your own incapacity is also something you should avoid. Different situations can lead to incapacity, such as accidents or the natural deterioration of your physical body or perhaps your mental faculties. Fortunately, estate planning can help you plan for these kinds of eventualities: by arranging Lasting Powers of attorney, you can give loved ones the legalpower to make critical decisions about your assets, finances, and even your medical care in your behalf. Mistakes to Avoid While Planning a Will
Estate and will planning in Sussex can be a daunting task, so much so that commonly people procrastinate and end up regretting putting it off. One of the worst mistakes you can make in life is failing to draw up a will to pass on your assets and make sure that your loved ones receive their inheritance without stripping your estate of much of its value. An estate plan is your best defence against a long probate process, intestacy, and exorbitant inheritance taxes. Not having a plan in place may hurt your family’s security after your demise or incapacity as this leaves the decision to distribute your assets to the discretion of the courts, as dictated by law.
People who do have the wherewithall to draw up an estate plan, however, may still fall faul of errors that make their wills less effective. One mistake you should avoid when making a will is failing to name a guardian for your minor children, something that can have a direct effect on their future. Leaving them in the care of people you trust will help give them a better chance at a brighter future in your absence.
To avoid probate, a lot of older people would add their adult children to the title of their assets, effectively exposing their properties to the creditors of their co-owners. This makes you lose control of your assets and could lead to other kinds of problems like the possible misuse of your properties or the asset being subject to a divorce settlement. Relying on a joint ownership in order to defer or avoid probate isn’t the smartest move you can make when it comes to estate planning.
Finally, failing to plan for your own incapacity is also something you should avoid. Different situations can lead to incapacity, such as accidents or the natural deterioration of your physical body or perhaps your mental faculties. Fortunately, estate planning can help you plan for these kinds of eventualities: by arranging Lasting Powers of attorney, you can give loved ones the legalpower to make critical decisions about your assets, finances, and even your medical care in your behalf.
