Avoid Common Estate Planning Pitfalls

Avoid Common Estate Planning Pitfalls

Adding a family member to the title of your home for estate planning purposes can lead to significant problems, including unintended consequences like property tax increases. Here are some other estate planning issues I’ve encountered recently that could cause complications:

• Not updating your will or trust: If someone can no longer act as a trustee due to health or other reasons, make sure your documents are updated.
• Not compensating your executor: Acting as an executor can be time-consuming and stressful. Consider including a stipend for their time and effort.
• Not having a plan at all: If there’s no will or trust in place, the state will step in to locate your heirs, which can be costly and time-consuming.
• Moving to a new state: If you relocate, update your estate plan to align with your new state’s laws, as regulations vary across states.
• Making family members equal decision-makers: While it may seem fair, having too many voices in decision-making can lead to conflict. One person should have the authority to make final decisions.
• Choosing the wrong person to take charge: Decisions should be based on someone’s ability to handle the responsibility, not birth order or favoritism.

These situations are common among my clients, and I’ve seen firsthand how poor planning can lead to unintended consequences.

What You Can Do:

1. Talk to a professional: Call me, and I can arrange a meeting with a title company expert who can explain your options.
2. Create a will or trust: While there are online tools available, the best option is to work with an attorney to create an estate plan tailored to your needs and wishes.

Planning ahead ensures your estate reflects your intentions and prevents unnecessary stress for your loved ones. Let me know if you have questions or need help getting started!

One final thing, don't forget add your trust on to your insurance policy

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I market your home like no one else will. Buyers, I offer Mom-approved customer service. Agents, I am a referral resource you can trust. Call me, and we can talk. I serve the Victor Valley of CA and the Hill Country area deep in the heart of Texas.

I'm Karen Sanchez, REALTOR

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Licensed in two states: CA and TX.

Working in the Victor Valley and South Bay area, with some other SoCal areas by request, and the Hill Country of Texas.

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Karen L. Sanchez Broker, Reputable Realty License #01804752 Email: karen@karensoldit.net

Berkshire Hathaway HomeServices Don Johnson Realtors, New Braunfels, TX Cell: 760-684-0250 Office: 830-624-8272

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