Steer clear of these big estate-planning mistakes………👓🙎

Let’s be honest: Thinking about the inevitable—death—is not very pleasant. Perhaps that’s why so many people fail to plan for the time when their time will be up. Even clients who make the effort to plan their estates often neglect to follow through or update their plans as changes occur in their lives.

For your estate plan to remain a valuable asset for you and your heirs, you would be wise to avoid these common mistakes.

Thinking your state will handle everything. You might think that having a trust, such as a revocable trust, is just for the rich or that if you have a will, you’ve covered your bases. Well, consider this: A will may indicate who gets what upon your death, but your estate may have to go through a very public probate process, and probate can be very expensive.

If you have a revocable trust, it eliminates the probate process for the assets titled in the name of the trust, and it ensures that your privacy and the privacy of your heirs are protected.

Thinking your work is done after creating a trust. Establishing a trust and signing the document is just the first step, but many people forget to fund their revocable trust. Remember, the trust does not exist unless it holds assets. When you establish a revocable trust, you need to retitle your accounts in the name of the trust. Your financial planner or brokerage firm will help you do this.

Good estate planning is an essential component to any good financial plan. By working with a reputable estate-planning attorney and making time to review and discuss your estate plan on a regular basis, your estate will pass to your heirs—hopefully with less drama but certainly as you intended.

We have taken the necessary steps to address this important subject to now offer you access to an all-digital program to create a complete estate plan portfolio. This service covers the necessary steps for developing a plan to help protect your assets and ensure that they pass on from one life onto the next generations with the least emotional or financial stress on the family.

Estate planning isn’t just for the wealthy. The plan is more than just a will, more than just naming your beneficiaries – it’s about making a plan that will help your family during a difficult time. We can help you with that.

NO MATTER YOUR LEVEL OF WEALTH, ESTATE PLANNING IS A VITAL PART OF YOUR FINANCIAL PLAN. PLANNING AHEAD CAN GIVE YOU MORE CONTROL, PRIVACY, AND THE ABILITY TO LEAVE MORE FOR YOUR LOVED ONES.

A secure plan starts with a simple conversation.

Call 443-690-8648 or e-mail us dqueen@dqtaxservice.com today to set up a time to discuss your specific goals to help protect what’s most important to you.