A single estate planning mistake can ruin that estate plan of yours. It can jeopardize the future of your loved ones and family and change your intentions regarding your estate. Most estate planning mistakes often emanate from the estate owner, while sometimes, estate planning mistakes can also be caused by inept estate planning attorneys.
To quell the possibility of a mistake on your estate plan, you need to eschew the urge to plan your estate yourself. You may not have the skills and experience to create a flawless estate plan. Thus, it is advised that you hire a competent and experienced estate planning attorney to help you plan your estate.
Let’s fill you in on some common mistakes to avoid when planning your estate.
- Failing to plan your estate
Each year, several estate owners make this serious mistakes. Unfortunately, they don’t get to pay for their mistakes, their children, spouse and loved ones get to.
Because death is inevitable, you need to plan your estate like you’ll die the next day. This is the only way to ensure that you don’t procrastinate. You need to put necessary plans in place to ensure that your spouse and children are well catered for, and to also ensure that your assets are well managed upon your demise. So take note of this mistake and make effort to avoid it.
- Failing to update your will
Don’t just create a will and hide it in a safe. From time to time, take a look at your will and see where you can make updates. Look at things that have changed in your life and make updates accordingly. Did you get a new property? Did you get divorced and marry another wife? Did your wife give birth? To make sure that your assets are well accounted for in your will, make occasional updates when necessary.
- Failing to plan for disability
Disability, like death, is unpredictable. You cannot predict when you will leave this earth, neither can you predict if you’ll become disabled or incapacitated. For this reason, you need to plan for disability. You never know, this plan may save you if something bad happens.
When incapacitated, you will need someone to take care of your medical affairs, someone to cater for your children, handle your business, etc. If you failed to make necessary plans before your incapacitation, the government will choose who will make decisions on your behalf. However, if you planned for this, your power of attorney will work in your favor.
- Selecting the wrong individual to handle your estate
People are often fond of this serious mistake. A bad estate executor can ruin your estate in a jiffy. Ensure you consult with close family and friends before you select an estate executor. You would want to select someone that best represents you when choosing an estate executor.
Why do you need and Estate Planning Attorney
Estate planning can be quite complex. This plan can determine the future of your children, spouse and those you care about. For this primary reason, it is important you ensure that you create a quality estate plan. An estate plan that can cater for your family and those you care about when you are no more. Creating such an estate plan is not easy, truth be told. If you aren’t an experienced attorney you’ll find it very difficult to create such estate plan.
Would you like to gamble with the destiny of your children by creating an estate plan yourself? Are you confident of creating an error-free estate plan? One that conforms to the laws of your state? Can you create an estate plan that is in line with your wishes regarding your estate? Tasks like this are left for the professionals. You need the help of a component estate planning attorney if you want the best estate plan. These professionals are experienced. They know the system like the back of their hands. They are also current with the estate laws of your state. What more can you ask for?
As one of the best Law Firms in New York, we boast of some of the best Attorneys in the State. Contact us, let’s help you plan your estate!
