3 Big Mistakes That Can Cost You Thousands
Everyone makes mistakes.
A mistake isn’t a problem unless it remains uncorrected. When it comes to family wealth planning, mistakes oven have great consequences because people are not diligent in correcting them over time. Here are three common mistakes and how to avoid them when creating a family wealth plan.
1. No planning done.
Obviously, not having any written plans will result in your family paying more than what they should and cause delay. In all likelihood, it will result in your estate being admitted to probate and divided under the way Ohio law is written. Likewise, if you do not have health care documents, you run the risk of your desires being ignored. A family wealth plan can ensure that all your bases are covered in a way that maximizes your investments and assets.
2. Choosing the wrong executor
Naming an executor who does not have your desires at heart or is undisciplined could result in your estate paying more than it needs to towards creditors and other individuals. It can also create delay in having your estate resolved and distributed to your family members. Your executor should be someone you trust to get work done in full and on time. If you are having trouble finding a family member that matches these ideals, you may want to look outside the family to your friends, co-workers, or other associates.
3. Hiring a lawyer without experience
You may have a friend who is an attorney willing to do your estate plan for you. However, if they do not have experience in the field, you could be asking them not only to perform malpractice, but also help you to pay more than what is necessary. An individual with family wealth planning experience can ensure that all of your needs are met and your goals as preserved in writing.