Estate planning is fundamental to ensure that your assets and wishes are respected in case of death or incapacity. To protect your legacy and loved ones, avoiding common pitfalls in the process of creating or updating a plan is paramount. To ensure you have more clarity and information on what to avoid in the process, this blog brings you some common mistakes people make when creating their estate plan.
1. Lack of Planning
This is a very common mistake people make and it often causes disputes among loved ones. Be it for lack of information or time to do it, the fact is that many people put off their estate plan. When a person passes away without an estate plan, their assets are distributed according to provincial and regional bylaws, often creating disagreements among family members and making the process difficult and time consuming.
To ensure your wishes are respected, planning ahead is paramount. It is strongly recommended that you have a consultation with experienced lawyers who can help you create a comprehensive will that reflects how you want your money and properties to be distributed.
2. Not Reviewing Your Estate Plan After Major Life Evens
As time goes by, life changes, and even a thoroughly written estate plan can become outdated quickly. Events such as marriage, divorce, childbirth, adoption, and death are all important reasons for reviewing and updating your plan. If you have an estate plan that doesn’t reflect your current situation, you may be risking the financial future of family members. To ensure that your wishes are taken into consideration and avoid emotional distress among loved ones, it is advised that you seek legal help to review your estate plan regularly, making sure any necessary changes are made in time.
3. Not Communicating Your Wishes Clearly
When it comes to creating an estate plan, clarity and objectivity is fundamental. Leaving items subject to interpretation or not being attentive to ambiguities in your plan can lead to conflicts and legal challenges for your loved ones. For that reason, it is important to make sure that all your wishes are outlined clearly, including guardianship of children, distribution of assets and any other specific request.
4. DIY Estate Planning
Another common mistake people make is creating their estate plan on their own. While this may sound as a more practical and financially advantageous alternative, the reality is quite the opposite. The process of elaborating estate plans requires numerous documents as well as the ability of navigating the legal system. Attempting to do so without the necessary skills may result in an inaccurate plan and costly financial disputes once you pass away. When it comes to wills, testaments and estate planning, seeking legal assistance is highly recommended.
Estate Planning Assistance in Winnipeg
If you are looking for skilled and experienced lawyers who can help you create a cohesive and detailed estate plan in Winnipeg, Cassidy Ramsay is here for you. Our team of professionals is trained to ensure that your assets are effectively distributed according to your wishes and desires. Don’t hesitate to give us a call and let us help you navigate the legal system with clarity and efficiency. Reach out to us!