Estate planning can be complicated if you're married because you and your spouse may not agree on how you should split up your assets.
You know that writing a will and creating an estate plan can help your heirs, and it can in this way help you in the future. However, you will be gone when your estate plan actually goes into action, so it's easy to think that you're really doing all of this planning for someone else.
Legally speaking, unmarried couples are not "together." You can live together for 20 years, but, unless you officially tie the knot, the state does not care.
It used to be that all wills were written by hand. Today, though, most are typed out. Often, you have both electronic copies and paper copies.
When writing a will and doing estate planning in general, the age of your heirs makes a dramatic difference in how you plan. This is one reason why it's so important to update the plan moving forward.
Do you assume that estate planning essentially just means writing out a will that says which one of your heirs gets which assets? That's part of the process, but it's definitely not the entire process.
Traditionally, a will is a written document that is drafted and filed long before you actually pass away, and your heirs need to use it. However, you may have also considered simply using an oral will to save yourself these steps. Is it a good idea?
People make a lot of mistakes when they do their estate planning, but one of the most common ones is that they don't do it often enough. They make the plan, but they fail to update it or look at it again. They simply trust that it's going to work.
Writing a will and drafting an estate plan is something that you want to take very seriously. It has a drastic impact on your family after you pass away.
One of the worst mistakes you can make in life -- from an estate planning perspective -- is to try to draft a last will and testament by yourself. There are just too many pitfalls that the untrained testator can experience when trying to draft a will without professional help. While you can read and understand the law, there are some things you simply won't know without appropriate training.