6 common estate planning mistakes that you need to avoid

Quite opposite to the popular belief, estate planning is not only for the rich and famous. Each one of us has at least one asset that holds great value. That could be a house that you own, your car or a bank account with your lifelong of savings!

A clearly chalked out will is highly beneficial in the long run. You can make better and informed decisions regarding the property whilst being still alive. This helps in the proper management of resources.  Also, it helps to maximize the value of the assets, passed on to the immediate heirs.

At Anthony Jones Properties, we specialize in services like immaculate estimation of the assets, buying and selling of your estate properties, valuing a house for probate etc. to name a few.
management of your estate resources early on.

•  Not Planning At All :- 

 Probably the worst thing that you can do in terms of asset management is to do nothing at all! Death is an inevitable phenomenon. However, willfully planning the things before you leave is a responsibility you need to fulfil. This will ensure the better handling your personal and financial matters when the inevitable is finally faced.

•  Missing periodic will update :-    

Life is a journey that goes through many transitions. It may bring in situations like divorces, births, deaths, asset selling, property acquisitions etc.

Each one of the above is major events that have a direct impact on the will. Needless to say that your will requires a regular update with the new additions as well as removal of what is now obsolete

•  Skipping the illness planning  :-

God forbid, if you go through a long bout of disability or illness of some sort, it can adversely impact the handling of your personal and financial matters, especially if you didn’t plan in advance for such an eventuality.

• Failing to make gifts that could have saved you on the estate tax :-

There are certain estate law provisions that can help you save a certain amount of tax each year if you decide to make a gift under your prevalent estate plan. You are free to make a gift to your spouse, an institution or any other relative or individual.

This practise not only deeply impacts the recipient individual or the institution in question but it also helps you in the willful distribution of assets in your life while saving on the tax part. This also means that now, you have more money in the estate for distribution.

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• Choosing a wrong person as the executor of estate  :-  

The person appointed as an executor needs to shoulder the biggest responsibility of handling the estate affairs once you are gone.

Any person who is not personally invested to partake the given responsibility can do more harm than good.

While your immediate family members are bound to be your first choice, exercise some discretion if you plan to leverage the task to some third person.

• Not consulting experienced property consultants and tax attorneys :- 

Experienced professionals from the estate business can help a great deal in proper valuation of your estate assets. The activity is highly crucial before freezing a deed. 

Apart from this, you might also require the help of an experienced tax attorney who can guide you well about the tax planning measures. This should be in sync with the requirements and demands of the estate in question. 

Delaying the important matters pertaining to your property can lead your loved ones in a state of confusion in case of a sudden mishap. Proper and timely planning ensures that all the matters are well taken care of. 

To avail the professional services related to the estate estimation, valuing a house for probate and more, get in touch with us at Anthony Jones Properties today. With an unprecedented estate valuation experience, no one understands the property quite like us. Click here to know more.