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Estate planning knowledge can help avoid misconceptions

When it comes to drafting future plans, lack of information can be a significant liability for people and their family. For Delaware residents, there many legal and tax considerations involved in estate planning. It is a good idea to research the best practices before drafting or finalizing a will to avoid critical mistakes.

Those who plan on leaving some or all of their estate to a charity should discuss these wishes with family members. Not only is this beneficial when it comes to taxes, but it can act as a positive example for children and grandchildren. Of course, depending on the assets a person has, family members may expect some inheritance. Discussing amounts that will be left as well as expectations regarding how the funds will be spent is a good idea.

One of the most common misconceptions about estate planning is that wills must or should split assets "equally" among children. While it is true that dependents must receive enough to cover their care if it is available, choosing who gets what assets is typically an estate planner's choice. Discussing these decisions with family members beforehand and creating an airtight will with a lawyer are critical steps to ensuring the estate plan is followed.

There are many tactics that people can use to protect their assets, including making use of trusts and adding caveats to the asset distribution in their wills. Delaware residents should be careful to involve a professional in their estate planning to answer any questions and confirm that they are of sound mind. A lawyer who focuses on estate planning is a good person to include in this process.

Source: CNBC, "What you don't know about estate planning will cost you", Ted Snow, April 27, 2018

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