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Even well-meaning people can make mistakes. When a loved one passes away, however, don't wait too long to start the probate process, distribute their property before probate is finalized, contact their bank or retirement accounts too soon, forget to inform Social Security, fail to maintain their property, or drive their vehicle. These common mistakes can cause more trouble and expense for you and your family in the long run.

Guardianships are a complicated legal proceeding. Most people have no clue exactly how complicated and expensive they are. In some situations, however, a guardianship is required to manage the affairs of a loved one. This typically includes a loved one becoming incompetent, a minor child losing both parents, and an individual functioning with diminished capacity in some way.

People put off creating a Will for many reasons. However, this decision can cost your family a lot of money and heartache in the long run. It can also lead to your estate being distributed in ways that you would not want. Drawing up a Will provides a number of benefits, from allowing you to choose exactly how your estate will be distributed to providing for stepchildren.

While your attorney will guide you through the process, arriving prepared can help you make thoughtful decisions rather than feeling pressured to come up with answers on the spot. It helps you consider who you want as secondary beneficiaries, agents, executors, and trustees. Additionally, it gives you time to think about whether you want to place special conditions on your beneficiaries receiving their inheritance, especially if they are minors.

Prenups may be beneficial to a couple marrying, whether or not they are rich and famous. They are not just a contingency plan for a possible divorce. In fact, prenups can be an important tool for your estate plan, particularly if you have children from a previous relationship or more property going into the marriage.

Many people are afraid of drawing up a Will and other estate planning documents because they think it's too expensive. The truth is, drawing up a Will is a small cost compared to the cost of probate of an estate if you die without a Will and own almost any property.

Lien foreclosure gives you a process to recover some or all of the money still owed you. Unfortunately, you are going to have to deal with very complicated, tricky legal foreclosure steps to get there. When you are faced with foreclosing on your lien, you will need to get an attorney, follow their advice closely, be patient, and be prepared to resell the property if needed.

Preparing a Will is a smart, compassionate, financially wise, and easy thing to do. So, stop making excuses, and do it! Anyone who has been through settling an estate for a loved one who failed to make a Will can attest to how much they would have preferred the alternative.

One of my biggest pet peeves over the years has been the over-selling of living trust packages to folks doing their estate planning. There are definitely times when a living trust is a good estate planning tool. However, for many individuals, a living trust is an unnecessary expense.