Understanding the Common Problems that Can Arise During Estate Planning

 Posted on February 28, 2023 in Estate Planning Blog

 Estate planning is the process of arranging for the management and distribution of a person’s assets after they pass away. While estate planning can provide peace of mind and ensure that loved ones are cared for, several potential problems can arise. Today, we will discuss some of those potential problems. If you need assistance with estate planning matters, contact a qualified attorney to ensure your estate planning goals can become a reality.

Problems that May Arise During Estate Planning

One of the biggest challenges of estate planning is ensuring that all assets are accounted for and adequately valued. This can include everything from bank accounts and investments to real estate and personal property. Without a clear understanding of the value of these assets, it can be challenging to make informed decisions about how to distribute them. 

Another common issue in estate planning is family dynamics. Family members may have different expectations or preferences for how assets should be distributed, and these disagreements can lead to familial conflict and even legal battles. Therefore, it is essential to be open and honest with family members about your intentions and to consider seeking the advice of a neutral third party to help mediate any disputes that may arise.

Additionally, many people overlook the impact of taxes on their estate. Depending on the size of your estate, significant taxes may be owed upon your death. Failing to plan for these taxes can result in a much smaller inheritance for your loved ones. A qualified tax professional can help you understand your tax liabilities and develop a plan to minimize their impact on your estate. 

People may be concerned that their wishes will be carried out incorrectly once they pass away. To help alleviate this fear, make sure to create clear instructions for how assets should be distributed and appoint trustworthy individuals to manage the estate. Failing to provide clear instructions or selecting unqualified individuals to manage the estate can result in confusion, delays, and even legal disputes. 

Finally, it is important to keep your estate plan updated as life happens and circumstances change. This may include asset changes, family situations, or personal preferences. Please update your estate plan to avoid unintended consequences and leave your loved ones with a complex and complicated situation to navigate.

Contact a DuPage County Estate Planning Attorney

To ensure that all of your estate planning goals are met and accounted for, contact the skillful Wheaton estate planning lawyers with A. Traub & Associates. Call 630-426-0196 for a private consultation.

Source:

https://www.investopedia.com/articles/financial-advisors/062315/5-ways-mess-estate-planning.asp