At de Bakker Law, we are happy to review your estate plan with you to help you avoid these 7 common mistakes:
1 – Not having a will
One of the biggest mistakes people make is not having a will at all. This can result in your assets being distributed according to provincial law, which may not reflect your wishes.
2 – Failing to update your will
Even if you have a will, it is important to review and update it regularly to reflect changes in your life, such as marriages, divorces, births, deaths, and changes in assets or beneficiaries.
3 – Not being specific enough
A common mistake is not being specific enough about who should receive what assets. This can lead to confusion and disputes among family members, even over “small” things.
4 – Failing to consider tax implications
Failing to consider the tax implications of your estate plan can result in unnecessary taxes. In many cases, a sound estate plan can minimize estate and income taxes.
5 – Not choosing the right executor
Choosing the wrong executor can result in delays and conflicts during the distribution of your assets.
6 – Not considering incapacity planning
A will only takes effect after your death, so you should also plan for incapacity during your lifetime, through Continuing Powers of Attorney for Property (financial) and Personal Care (health).
7 – Not seeking professional advice
Wills and estate planning can be complex, and it is important to seek advice from an experienced lawyer to ensure that your wishes are properly documented and your assets are protected.
Give us a call todayBook a review of your existing estate planning documents or to start from scratch. By avoiding these 7 common mistakes, we can help ensure that your wishes are carried out and your loved ones are taken care of after your death.
