Nominations, Joint ownership,Power Of Attorney, Wills, Gifts, Life Insurance, Charitable trust, Private FamilyTrust etc. There are mountains of information available and much of it can beconfusing. This can often lead to inaction or bad actions.

Things one must avoid

Don’t rely on the State/Personal laws. Every religion and some states has laws for distributing theproperty in case of demise of someone without an estate plan (i.e. withoutmaking a Will or Trust). But once you understand the personal / State law, onemay not be pleased to know the way your assets will be distributed OR may notbe distributed once you are not around.

Don’t let the Court name theguardian for your minor children. A guardian for minor childrenis generally named in a Will. If the parents have not done this, andboth die before the children reach the legal age, the court will have to namesomeone to raise them and manage their funds without knowing whom the parentswould have chosen.

Don’t rely on jointownership. Many older people add a child to the title of their assets(especially their home), often to avoid probate. But this may create problemsin the future. When you add a co-owner, you lose control. Jointly-owned assetsare now exposed to the co-owner’s creditors, divorce proceedings and possiblemisuse of the assets, and the co-owner must agree to all business transactions.If you have more than one child but only name one to be co-owner with you,fluctuating values could cause your children to receive unbalanced/unintendedinheritances.

Don’t assume your childrenwill intuitively know your wishes, and handle the situationappropriately upon your death. Money and sentimental items can cause a riftbetween even the most agreeable siblings, and they will be especiallyvulnerable as they deal with the emotional impact of your passing.

Don’t assume that once you’veprepared your estate plan it is set in stone. Estateplanning documents regularly need to be revised, often due to a change inmarital status, birth or death of a family member, or a significant change inthe value of your estate should be periodically reviewed to ensure they are upto date as per your wish.

Don’t forget to notify yourfamily members, or other beneficiaries of your estate plan. Make sure yourexecutor and successor trustee have access to your documents.

Don’t assume your spouse willhandle everything if something happens to you. It’s possible your spouse may beincapacitated at the same time, for example if you both are injured in the sameaccident. A proper estate plan appoints alternate representatives to handleyour affairs if both you and your spouse are unable to do so.

Don’t assume you can planyour estate by yourself. Get help from an Estate Planner whosetraining and experience can ensure that you minimize financial implications andsimplify the process of settling your estate plan.

Don’t wait, there’sno time like the present to get moving on your estate planning goals. It’s bestto tackle this subject while you are clear-headed and not facing difficultdecisions, so you can weigh all of your estate planning decisions carefully andobjectively. Quite simply, the time to start getting your estate plan in order is now.