Mistakes to Avoid in Estate Planning
Once you have your estate organized, prepare a formal will, and have it witnessed. Then appoint one or more executors to execute your wishes. Preferably the executor should not be a beneficiary under the will and also unconnected with anyone who is a beneficiary. That way there will be no conflict of interest. The executor must execute the will in a fair and proper manner.
You could appoint Wills estate lawyers Brisbane for organizing your estate. They will be aware of all the legalities of estate planning and distribution hence making execution simpler and faster.
Your responsibility does not end here. Once you have prepared your will, you will need to keep track of changes both in your estate as well as in relationships. Set up mile stones when you can make changes in your will. Marriages, births, deaths, and divorces are good mile stones. Any major change in your estate like buying or selling of property, or inheritance should also prompt a review of your will.
If you are naming children as beneficiaries, be sure to name appropriate guardians who can take responsibility for their share of the estate.
When choosing a lawyer, make sure he comes with recommendation. He should be knowledgeable and discreet. Preferably, he should not be connected to any of the beneficiaries in your will. That way, you can avoid conflict.
You must periodically review your will to make necessary changes. You could change your beneficiaries or change the amounts allocated to them.
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