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3 Estate Planning Mistakes to Avoid

Estate planning is no easy task. It can be a daunting, overwhelming and leave you with more questions than answers. Many people can benefit from having an estate plan and this article breaks down the top 3 mistakes to avoid when planning your estate.

Mistake #1- Choosing The Wrong Personal Representative

One of the most common mistakes made with estate planning is choosing the wrong person to oversee your estate. In many instances, who you think may be the best fit isn’t always the best choice.  While the optimal choice is to choose a trusted spouse or child, sometimes it’s helpful to choose someone who isn’t as personally invested to handle the demands of the estate plan. 

Mistake #2: Relying Solely On A Will

With any estate plan, a written will is a critical and essential part of it. However, depending only on a will is often times not enough. A comprehensive estate plan includes various important parts such as important documents like power of attorney and advanced medical directive. These specific documents give people the power to make decisions and take action in regards to your assets. If one doesn’t have these documents, the actions are taken after the courts appoint an individual of their choosing to act on your behalf.

Mistake #3- Not Hiring an Attorney 

Estate plans are not something you can just do yourself, there are many steps and legalities involved. Hiring an estate planning attorney can help you every step of the way and answer any questions you may have. An estate planning attorney will create a plan tailored just for you based on your legal needs. Your attorney is a resource you can fully with helping you make the right decisions. Estate planning may seem complicated, however, it will become a lot simpler when you have the right attorney by your side. 

At Aldrich Legal Services, we are pleased to assist you with your estate planning needs. We draft and review wills, trusts and real estate deeds.  It is important that your estate planning documents meet the legal requirements. Located in Plymouth, Michigan, we assist clients throughout southeast Michigan.

REAL ESTATE 18: If contract is silent as to time of performance, the law will presume a reasonable time.

The absence of an explicitly stated time for performance or payment does not render a contract invalid or unenforceable. One party’s substantial breach of a contract may relieve the other party of its obligation to perform under the contract. Substantial breach may be found in cases where the breach has effected such a change in essential operative elements of the contract that further performance by the other party is thereby rendered ineffective or impossible.

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