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Posted by: Maricopa Lawyers on May 28, 2013

As much as we don’t like to think about it, death is an unpredictable event but if you plan for your passing you can make it easier for your loved ones. However, estate planning errors can be made by even the most competent of estate planning experts. Here is a list of estate planning mistakes to avoid.

  1. Procrastination: Many people will put off estate planning because it is an acknowledgement of your own mortality. The truth is if you don’t create a comprehensive plan for your death your state legislature will create a plan of its own.  This will result in your family paying the highest possible estate taxes in the process. The best advice for avoiding a messy situation is to simply speak with an attorney and explore your options.

  2. DIY:  Many people will try to bypass actually hiring an attorney for estate planning by using online services like LegalZoom or Nolo. These services provide a user with the basic forms that you need to formulate a will but without a competent legal advisor there is a level of oversight that can occur. When planning for your estate it is important to leave no stone unturned

  3. Equal distribution to heird: Often times people want to split up their assets equally among their children, this is a great sentiment but “equal” does not always translate to “equitable”. A common example of how this common problem can be mishandled is when there is a family owned business and one of the deceased children has a hand in the business. This is simply a recipe for a disaster. Parents will often split up their business equally between their children giving people who have no experience managerial responsibility. This blunder has destroyed more than one business. An alternative to splitting up the business is to give the participating child full control of the business while giving the others non-business assets.