Attorneys in Wichita Help Clients Avoid Common Mistakes in Estate Planning

Protecting inheritances from unfortunate errors in wills and trusts

Well-designed estate planning can make a major difference in ensuring that you pass on your property in an orderly and financially beneficial way to your family or other beneficiaries. Such problems as a legally deficient will or trust, failing to reflect important changes, adopting the wrong methods or entrusting the wrong people with important roles can have a detrimental impact on your estate and heirs, causing tax and financial issues or legal disputes. At Peggs Wheeler, LC in Wichita, our knowledgeable Kansas estate planning attorneys will use their experience and careful attention to detail to help you avoid these problems.

Common errors in estate planning

Among the most common and consequential mistakes that you can make in estate planning are the following:

• Failing to designate and update beneficiaries regularly — Regularly updating your estate plan is crucial to keep abreast of changing law and changes in your life. For instance, marriages, births and deaths may influence who you want to be your heirs and how much each receives. We can redraft your estate planning documents to account for desired modifications.
• Overlooking digital assets — Digital assets are anything of value that can be stored in computerized form, such as cryptocurrency, computer records, films and photographs. Because these are new forms of property, they’re often forgotten or overlooked. We ask the questions to uncover digital assets and take proper account of them.
• Ignoring tax implications — Another mistake is not planning for the effect of taxes, which can drain money from your estate that otherwise could have gone to your heirs and beneficiaries. We offer advice to minimize tax liabilities.
• Not planning for incapacity — Health problems can unexpectedly leave you unable to manage your affairs and call into question the validity of any subsequent estate planning. We can prepare for these contingencies before they happen.
• Not carefully choosing an executor or trustee — You need to be certain that your personal representative for a will or trust is someone who understands your intentions and is capable of carrying them out in a competent and honest manner. The wrong appointee might make poor decisions or have conflicts of interest that prevent the effective implementation of your estate plans. We review the qualifications of potential candidates with you, so you can choose the best one.
• Overcomplicating or oversimplifying the plan — There is no one-size-fits-all estate plan. In some cases, a will might be sufficient, while in other cases, it may be appropriate to use various trusts, powers of attorney and other mechanisms. An overly complicated plan can prolong probate and perhaps create legal issues that frustrate your goals, while an overly simple one might fail to address important issues. We carefully examine the circumstances relevant to your circumstances in order to help you make the optimal choices.
• Communication issues — A failure to inform your beneficiaries, executors and trustees of your plans can create misunderstandings that can lead to confusion and contests regarding your intended distributions. You should communicate your plan in a clear and forthright manner, answering any relevant questions you are asked. We can give you advice on how to do that effectively.

We help you avoid these and other errors by asking the right questions, offering well-conceived advice and carefully formulating the best estate planning for you.

Contact our estate planning firm for a free initial consultation

At Peggs Wheeler, LC in Wichita, our attorneys are skilled in helping Kansas residents with all aspects of estate planning. Call 316-512-7853 or contact us online to schedule a free consultation.