7 Ways Your Estate Plan Could Run into Trouble
Summary : Outdated Documents: If your estate planning documents are outdated, they may not reflect your current wishes or comply with current laws and regulations. Poorly Drafted Documents: Estate planning documents that are poorly drafted can create confusion and legal disputes. Failure to Fund Trusts: If you have a trust but fail to fund it properly, your assets may not be distributed according to your wishes. Failure to Plan for Taxes: Estate and inheritance taxes can significantly impact the value of your assets. Failure to plan for these taxes can result in a significant loss of wealth. Failure to Plan for Incapacity: If you become incapacitated, you may not be able to make decisions regarding your healthcare or financial affairs. Failing to plan for incapacity can result in legal disputes and financial hardship for your loved ones. Creating an estate plan is a critical part of ensuring that your assets are distributed according to yo...