Just thinking about the need for an estate plan may make you feel uncomfortable while the prospect of creating that plan can be overwhelming. After all, estate planning requires you to think about your own mortality and focus on how your property should be divided after you are gone. Nevertheless, creating an estate plan ensures that your loved ones receive the assets you intended them to have and that your estate is administered according to your instructions. To make sure that your wishes are honored and that the process runs smoothly, however, it is essential to recognize and avoid several common errors that can jeopardize your estate’s successful administration. Toward that end, the Los Angeles attorneys at Schomer Law Group, APC explain three estate planning mistakes that can cost your beneficiaries in California.
- Relying on DIY Templates. People are often tempted to use downloadable DIY estate planning documents or online services to create their estate plans. These do-it-yourself resources claim to simplify the process and offer a less expensive route than hiring an attorney. These DIY tools may seem easy and affordable, particularly to those who assume their estate is relatively straightforward, but they can cost your beneficiaries in the long run and frequently result in unintended consequences. Each state, including California, has its own legal requirements and formalities for Wills and Trusts which means that a template created for one jurisdiction may not comply with another’s laws, and even a minor technical flaw can invalidate a legal document. Additionally, a DIY approach often leads to imprecise language, misused legal terminology, or omissions that confuse the Executor and beneficiaries. These oversights can create disputes among heirs or result in assets being distributed in a way that does not reflect your intentions. Working with an experienced estate planning attorney, who can draft documents tailored to your specific situation, helps you avoid these missteps and ensures an estate plan that is clear, legally accurate, and enforceable under California law.
- Failing to Update Your Estate Plan Over Time. Life rarely remains static so why would your estate plan? Major changes such as marriage, divorce, the birth or adoption of a child, the death of a loved one, relocation to a new state, or significant financial gains or losses all necessitate revisiting your estate plan. One of the most frequently overlooked aspects of estate planning is the need to revise your documents when circumstances change. What made sense a decade ago may no longer serve your goals today. For instance, if you were unmarried when you created your original Will but are now married with children, your earlier plan may fail to address your current family structure. Similarly, acquiring new assets such as a business or selling a property may require updates to your plan to ensure proper distribution. Moving to California from another state is another reason to review your estate planning documents. Each state has its own legal nuances, and a Will or Trust prepared in a different jurisdiction may not align with California statutes or may lack necessary language to be fully enforceable. A good rule of thumb is that estate planning documents should be reviewed at least every five years as a matter of routine; however, whenever a major life event occurs you should schedule an immediate review to ensure that your plan protects your beneficiaries as you intend.
- Misunderstanding the Transfer of Non-Probate Assets. Not all assets are governed by the terms of a Will. Many accounts, including life insurance policies, retirement plans such as 401(k)s and IRAs, and certain financial accounts, transfer directly to named beneficiaries without passing through probate. These designations override the instructions in a Will or Trust, making them essential components of your overall estate plan. Assets held in a trust also bypass probate, allowing them to be distributed immediately after your death. A common mistake people make is to assume that a Will automatically determines who receives all estate property. In fact, beneficiary designations on your account forms often dictate who inherits a significant percentage of your estate assets. If your designations are outdated or inconsistent with your Will, the result can cause probate disputes and/or contravene your intentions.
Working with a knowledgeable estate planning attorney helps you avoid costly errors, ensures that your estate plan remains consistent with your evolving life circumstances, and safeguards your beneficiaries.
Can We Help You Avoid Making Common Estate Planning Mistakes in California?
For more information, please join us for an upcoming FREE seminar. If you would like assistance to avoid making common estate planning mistakes within your California estate plan, contact the experienced Los Angeles estate planning attorneys at Schomer Law Group APC by calling (310) 337-7696 to schedule an appointment.
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