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Preventing possible mistakes in estate planning

Some Los Angeles residents may have experience in dealing with various complications related to estate planning. Although estate planning can be one of the most important subjects for families to discuss, it is often neglected. Moreover, even in cases where families act to secure their respective estates, the process can still be derailed by various complications.

The amount of potential beneficiaries to an estate has the potential to complicate the estate planning process. For example, if a family has a number of half-siblings or stepparents, there can be some conflict caused by arguments over property. For this reason, it is generally advisable to create a list of items of value and clearly designate the recipients of those items in question. Similar arguments can also arise between direct siblings especially when the siblings have been out of contact with one another for some time.

In some cases, an estate plan can be affected by administrative details that may have gone overlooked. There have been a number of cases of estates going into probate because the owner of an estate failed to designate a beneficiary properly. Although this often happens by accident, the resulting ambiguity can cause great hardship for a person's family and delay or inhibit their ability to inherit.

Given these and other potential pitfalls related to estate planning, someone intending to construct an estate may wish to consult with an attorney. An attorney may be able to review the particulars of one's financial and familial situation to help them devise an estate plan that fulfills their needs. In this way, it may be possible to avoid obstacles for the estate and help ensure a smooth transition of assets in the future.

Source: Daily Finance, "Avoid These Estate Planning Nightmares", Michele Lerner, December 13, 2014

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