It’s never too late or too early to begin crafting your will in New Hampshire. However, no matter what time of life people choose to start drafting their will, there are usually the same misconceptions regarding estate planning. Many of these mistakes are created either from a strong emotion toward writing a will or simple false assumptions. Therefore, the following includes a few of the misconceptions that you shouldn’t believe when drawing up an estate plan.
The entirety of your estate should be left to your kids
It’s okay to want to leave something for your children at the end of your life. However, leaving everything to them might not be the best use of your estate. Therefore, it is critical that you sit down and really think of ways your estate can help other people. That might mean donating property for a certain charity or even donating a lump sum to them.
Equal distribution is the best route to take
Although you might love all your children equally, the reality is that not all of them may be equally responsible. Some might have issues such as not paying attention when driving, which can lead to a lawsuit. You need to think about who is going to best protect all the assets you worked so hard to obtain. This might lead to having certain stipulations placed on your children if they wish to obtain part of your estate.
Your team will take care of everything
Your estate planning team, including your attorney, will take care of the more complex matters, but they cannot work well together if you do not provide them with a clear direction for what you want. It is imperative to ensure that your desires are clear with each and every person on your team.
The process of creating an estate plan can be a daunting process. Having the right legal team by your side may help ensure that all the details are covered and that your family is taken care of after you’ve passed on.