{"id":966,"date":"2018-07-06T13:39:28","date_gmt":"2018-07-06T20:39:28","guid":{"rendered":"https:\/\/ogbornelaw.com\/?p=966"},"modified":"2023-07-24T17:28:05","modified_gmt":"2023-07-24T17:28:05","slug":"estate-planning-mistakes-and-how-to-avoid-them-2","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-mistakes-and-how-to-avoid-them-2\/","title":{"rendered":"Estate planning mistakes and how to avoid them"},"content":{"rendered":"<p>Estate planning is like car insurance \u2013 you need to have it before you need to use it. &#8211;<a href=\"https:\/\/ogbornelaw.com\/about-us\/michelle-ogborne\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\">Michelle Ogborne<\/a><\/p>\n<p>Karl and Julia thought about creating wills. However, they never considered their assets worthy of estate planning. They were so busy living life\u00a0that they didn\u2019t have time to think about dying. When a driver crossed the highway and hit their car head-on, they were killed. What followed was a nightmare for their family.<\/p>\n<p>Karl\u2019s parents wanted custody of the kids. They lived a few states away and only saw the kids once a year when they visited. Julia\u2019s sister had a stable, successful career. The kids loved having sleepovers at her house. She was sure her sister and brother-in-law would have wanted her to become the legal guardian.<\/p>\n<p>Karl\u2019s parents were willing to put up a fight. The last thing anyone needed after the devastating loss of their loved ones was an extended custody battle.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-mistakes-and-how-to-avoid-them-2\/#1_Estate_Planning_Mistake\" >#1 Estate Planning Mistake<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-mistakes-and-how-to-avoid-them-2\/#Avoid_Estate_Planning_Mistakes\" >Avoid Estate Planning Mistakes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-mistakes-and-how-to-avoid-them-2\/#Ogborne_Law_Estate_Planning\" >Ogborne Law Estate Planning<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"1_Estate_Planning_Mistake\"><\/span>#1 Estate Planning Mistake<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The biggest <a href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\">estate planning<\/a> mistake you can make is not to create one. In Arizona, when someone dies without a will, the state decides who will inherit the assets. This is called \u201cdying intestate.\u201d<\/p>\n<p>If you die intestate, your family will need a court order to access your bank accounts. Without one, they may struggle to pay your bills, including your funeral expenses.<\/p>\n<p>Karl and Julia left behind a family with multiple people ready and willing to take care of their children. When parents don&#8217;t leave a document detailing guardianship, the court will be left\u00a0to\u00a0make the decision based on the best interest of the child. Family members are the first preference, and they have the opportunity to petition the court. However, the court doesn&#8217;t know who your children are familiar with or who would raise them with your values in mind.<\/p>\n<p>Without estate planning, it may take months or even years to settle your estate. The court will name an executor. It may not be the\u00a0person you would have picked. If family members contest their distribution amounts, it can add even more time and cost.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Avoid_Estate_Planning_Mistakes\"><\/span>Avoid Estate Planning Mistakes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here are a few tips to get your estate in order:<\/p>\n<ul>\n<li><strong>Update your will.<\/strong> At family gatherings, the &#8220;kids,&#8221; now in their 40&#8217;s, often joked with their parents: \u201cDoes Uncle Bobby still have custody of us if something happens to you?\u201d Part of the estate planning process includes updating your will as your circumstances change.<\/li>\n<li><strong>Include a medical power of attorney.\u00a0<\/strong>Your estate plan outlines your wishes when you die. What if you suffer a long-term disability? In addition to a living will, you need to name people who will be decision-makers, if you\u2019re incapacitated.<\/li>\n<li><strong>Review life insurance policies.\u00a0<\/strong>Life insurance policies may be subject to a hefty estate tax. Not changing your life insurance beneficiaries to a trust may be another estate planning mistake.<\/li>\n<li><strong>Work with an experienced professional.\u00a0<\/strong>You need an <a href=\"https:\/\/ogbornelaw.com\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/\">Arizona legal professional<\/a> who understands family law and estate planning. An experienced Arizona attorney will have strategies that are customized for your personal and financial situation.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Ogborne_Law_Estate_Planning\"><\/span>Ogborne Law Estate Planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Karl and Julia had a wealth of family members willing to care for their children. It could have been worse. If you have no family members or friends willing to serve as guardians, your children could end up as wards of the state.<\/p>\n<p>Put your estate planning plan in place and discuss the future, including when it may need updates. It can be the beginning of a legal relationship that ensures you\u2019ve done the planning for your loved ones. <a href=\"https:\/\/ogbornelaw.com\/contact\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/contact\/\">Contact Ogborne Law<\/a> to learn more.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you have kids, you need estate planning. Learn about common estate planning mistakes and how can you avoid them.<\/p>\n","protected":false},"author":3,"featured_media":11481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","category-37","description-off"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Estate planning mistakes and how to avoid them - Ogborne Law, PLC<\/title>\n<meta name=\"description\" content=\"Estate planning puts your affairs in order before you die. 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