Do you know the number one mistake people make when it comes to planning the future of their estates? They assume that they don’t need an estate plan – that’s the mistake. If you have a property or two under your name and haven’t decided anything in writing for them, then we really suggest that you do so as soon as possible. You might have a plan to make a will and include your property in your will when you’re older but that’s a bad idea and we’ll tell you why.
If you’re still young and healthy, you might not see any need to draft any legal document that details what will happen to your property because you’ve got a life to lie ahead of you and all the control on your property as you could need. However, there’s one flaw with that plan – you don’t know what will happen to you tomorrow. That’s right, we’re quick to forget our mortality and the fact that it’s not necessary that we die of old age. It’s a sad thing to talk about but if you’re a property owner with plans for your property, then you have to bring this into account.
Maybe you have plans of selling your property and other assets when the time is right? Maybe you want to pass these properties down to your children? Well, in the case of your death before you’ve made an estate plan with an estate planning attorney, the courts will decide what will happen to your property. They might distribute them among your next of kin unfairly.
It’s advisable that you sit with an estate planning attorney as soon as you can and talk about what you want from your property. This way, you’ll be safeguarding it from any unforeseen circumstances where you no longer have control over them.