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    Estate & Probate » Blog » Things to Avoid While Retirement and Succession Planning

    Things to Avoid While Retirement and Succession Planning

    Our legal counsel has helped many individuals with retirement and succession planning. While there are many steps that a person should make sure to implement in this process, there are also some elements that it is important to avoid. This article will review some things that you should avoid when planning for the future.

    Avoid Impulsive Decisions

    It is important that you avoid making any impulsive decisions when estate planning. You should provide yourself with a sufficient amount of time to make sure that all decisions are fully considered.

    Be Realistic

    It is important to begin estate planning by evaluating what you have and determining what types of gifts can be made. By being honest about what you can spend, it is possible to be realistic information about how your estate can be distributed.

    Document Any Gifts

    It is important for you to document any gifts that you provide to others. Documenting this information is important to establish ownership and make sure that the property owner’s wishes are fully executed.

    Equal is Different From Fair

    Dividing assets equally among beneficiaries might not be fair to some people. As a result, it is important to treat your beneficiaries as fairly and equitably as possible.

    Keep Estate Planning Documents Current

    There are many events including births and deaths that can alter a person’s estate plans. It is important to keep your estate planning documents current with these various changes. Failure to properly update an estate planning document can result in an estate not being distributed as you desire.

    Make Sure Others Know About Your Estate Plans

    It is important to communicate details about your estate plan with your family. Keeping the details about your estate plans confidential can create significant complications.

    There are Many Important Estate Tools

    Wills are helpful estate planning tools, but you should also consider other documents including durable powers of attorney and health care directives. These documents should encompass any unfortunate situation in which you might be involved. It is imperative that these documents work together rather than contain terms that contradict one another.

    Thinking Estate Planning Does Not Apply to You

    Maybe you do not think you are old enough or that you do not have enough money. Whatever the reason, there are numerous factors that people cite as to why they do not need to engage in estate planning. All people can benefit from succession and retirement planning. Planning for retirement can help reduce much of the tension that you might feel about the process.

    State Your Wishes Clearly

    It is important to clearly state your wishes in estate planning tools. You should not depend on assumptions about how your estate should be divided. As a result, you should state everything that you desire in your estate planning documents.

    Contact a Knowledgeable Probate Attorney

    Estate planning can be a complicated process. Obtaining the assistance of a talented and knowledgeable planning attorney can ensure that you create the strongest plan possible. Contact the law office of attorney Jim A Lyon today for assistance.

    Ethan Moran
    Ethan Moran
    09:36 28 Dec 22
    To my wife and I, our probate case was complicated. Not to Jim! He made it look so easy, and his attention to detail is incredible. Highly recommend to anyone seeking an estate planning lawyer.
    Philippe Joshua
    Philippe Joshua
    17:56 30 Nov 22
    Jim's firm was referred to me by a friend who knew I was looking for an estate planning lawyer. I can't say enough good stuff about him. He's genuine, thorough and highly skilled. Strongly recommend.
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    Estate & Probate » Blog » Things to Avoid While Retirement and Succession Planning