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Can common mistakes derail your estate plan?

South Carolina residents understand the importance of estate planning, but there are certain common mistakes that can cause serious issues in the future. When there are mistakes with an estate plan, it can make it difficult for loved ones and beneficiaries in the future. You may find it beneficial to evaluate your plan and ensure common mistakes will not derail your efforts.

Estate planning involves much more than just deciding who gets what after you pass. It is an important step, and it is smart to have experienced legal guidance as you walk through this process. Estate plans are for everyone, despite income, age and the value of the estate.

What types of mistakes could cause problems for you? 

An error with an estate plan could mean that the distribution of your assets cannot go according to your plans and desires. Some of the most common mistakes people make when it comes to their long-term plans include the following: 

  • One of the biggest mistakes people make is failing to have a plan in place. You may think you do not need an estate plan, but in reality, it is a smart step for every person.
  • Reducing estate taxes is smart, and when people fail to include plans that will reduce taxes, it can greatly impact the financial obligations of the estate after a person's death.
  • One common mistake is choosing the wrong person to oversee the settlement of your estate and distribution of estate assets. You should choose this person wisely.
  • People often make the mistake of waiting too long to draft an estate plan or appropriately updating their plan after major life changes. 

If you do not have a plan or believe you could benefit from an evaluation of your current plan, you have no time to lose to securing the help and guidance you deserve.

Your future interests are on the line 

When it comes to your estate plan, it is smart to avoid delays when it comes to seeking the guidance necessary to draft a strong and beneficial plan. If you think there are issues with your current plan or you need to draft basic documents for the protection of yourself and your loved ones, you will benefit from an assessment of your case.

Your estate plan can have a significant impact on your future and the future of your loved ones, and it is smart to take these matters seriously.

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