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Common mistakes that people make with estate planning

On Behalf of | Feb 7, 2020 | Estate Planning & Administration |

Many Pennsylvania residents do not like to think about dying, and they may put off estate planning as a result. However, planning for the end of life can help people’s family members to have an easier time managing a loved one’s estate. There are several common mistakes that people should avoid making with estate planning.

One of the biggest mistakes that people commonly make with estate planning is failing to have a plan in place or having written wills that were created in other states. When people die without a will, their assets will be distributed according to the state’s intestacy laws. This might mean that a person’s assets will be distributed in a manner that doesn’t follow the decedent’s wishes.

Another common error that many people make is failing to plan for the inheritance tax. While most people’s estates will not exceed the federal estate tax exemption of $11.58 million, Pennsylvania has a state inheritance tax. While there are ways to minimize the inheritance tax, many people fail to plan accordingly. Finally, many people fail to plan for how to keep some of their assets out of the probate process that can take several years and be expensive. There are ways that people can plan to avoid probate so that their families do not have to go through it.

Estate planning can help people to ensure that their wishes will be followed after they die. It can also help people to avoid probate so that their families might benefit from a smoother, faster, and less expensive process. People might want to talk to experienced estate planning lawyers for help in this regard. The attorneys might evaluate their circumstances and recommend various documents that might help them to ensure that their assets will be distributed to their intended beneficiaries more efficiently.