Assuming a Will Takes Care of Everything
A will is an important estate planning document, but it may not accomplish everything a person wants. Depending on the circumstances, assets governed by a will may still need to pass through probate. Probate is a court-supervised process that can involve validating a will, identifying assets, addressing debts, and distributing property to beneficiaries.
Some people may benefit from a trust-based estate plan that addresses certain assets outside of the probate process. Whether a trust makes sense depends on the person's circumstances and goals.
No single estate plan fits every family. We help clients understand the differences between wills, trusts, and other planning tools so they can make informed decisions about their own estate.
Creating a Trust but Never Funding It
Another common mistake is establishing a revocable living trust and then failing to properly transfer assets into it. Signing the trust document is an important step, but it may not be the final step. Certain assets may need to be retitled or otherwise coordinated with the trust for the intended plan to work as designed. This is one reason estate planning should not be viewed as simply signing a stack of documents.
Our firm helps clients view the estate plan as a whole, including how their assets fit into it. Proper coordination matters most when someone owns real estate, financial accounts, business interests, or other significant property.
Failing to Update an Estate Plan After Major Life Changes
An estate plan created ten or twenty years ago may no longer reflect your life today. Perhaps you have married or divorced. Maybe your children are now adults. You may have acquired a home, sold a business, inherited property, or experienced a significant change in your financial circumstances.
Even a change in relationships can make an old plan worth reviewing. We encourage clients to think of estate planning as an ongoing process rather than a one-time event. Your documents should continue to reflect your circumstances and intentions as those circumstances evolve.
Overlooking Incapacity Planning
Many people think estate planning only matters after death. But a comprehensive estate plan can also address what happens during your lifetime if you become unable to manage your own affairs.
Who can make financial decisions for you? Who can help manage your property? Who can communicate with financial institutions or handle other responsibilities if you cannot? Without proper planning, family members may be unsure how they can legally assist you.
Incapacity planning gives you an opportunity to express your preferences in advance and designate individuals to act according to the authority provided by your planning documents.
Ignoring the Tax Consequences
Taxes can be a major part of estate planning, especially for individuals with substantial or complex assets. The tax consequences of transferring property can depend on the asset type, how it is owned, the transfer method, and applicable federal and California rules. This is where tax knowledge can make a meaningful difference in the planning process.
Founding attorney Emily J. Buchbinder holds a Master of Laws in Taxation (LL.M.) and is a Certified Legal Specialist in Estate Planning, Trust, and Probate Law by the State Bar of California Board of Legal Specialization. Our firm can consider estate planning decisions through both an estate-planning and tax perspective when appropriate.
Estate Planning Is About More Than Property
Ultimately, estate planning is about people. It is about making sure your family knows what you want. It is about choosing trusted individuals to act when you cannot. It is about reducing uncertainty and creating a plan that reflects the life you have built.
At the Law Office of Emily J. Buchbinder, we understand that these conversations can feel personal. Our role is to provide skilled legal guidance while listening carefully to what matters to you.
Whether you are creating your first estate plan or reviewing documents you established years ago, we can help you understand the decisions involved and work toward a plan that fits your circumstances.
Contact Emily J. Buchbinder Today
Avoiding estate planning mistakes starts with taking the time to understand your options. Whether you need a new estate plan, want to review an existing trust, or have experienced a major life or financial change, thoughtful legal guidance can help you move forward with greater clarity.
With Emily J. Buchbinder's experience as a Certified Legal Specialist in Estate Planning, Trust, and Probate Law and her LL.M. in Taxation, our firm brings focused knowledge to the planning process. If you are ready to create or review your estate plan, contact the Law Office of Emily J. Buchbinder today to discuss your goals and learn how we can help you plan for the future.
Contact the Law Office of Emily J. Buchbinder team at (831) 462-1313 or fill out our confidential contact form.
