Best Probate Attorneys in Olympia, WA

Many individuals try to DIY their estate planning. Below are the top 3 common mistakes that can have serious consequences for themselves and their loved ones. 1) One of the most common DIY mistakes is not considering the tax implications of your plan. Estate taxes can significantly reduce the value of your estate that is passed on to your beneficiaries. By failing to properly plan for these taxes, you may be leaving your loved ones with a hefty tax bill that could have been avoided with proper planning. It is important to work with an estate planner who can help you navigate the complex tax implications of your plan. 2) Another is failing to update your estate plan regularly. Failing to update your plan to reflect changes can result in unintended consequences and disputes among family members. It is important to have your estate plan reviewed regularly and make any necessary updates to ensure that it accurately reflects your current wishes. 3) Many individuals make the mistake of not properly designating beneficiaries for their assets. Failing to designate beneficiaries or failing to update beneficiary designations can result in assets being distributed in a way that does not align with your wishes. It is important to have an estate planner review and update beneficiary designations regularly to ensure that your assets are distributed according to your wishes.