Estate planning is important for everyone. In fact, this plan is among a list of the most important plans you will make while alive. So, you are to ensure that the plan is as good as anything. Estate planning mistakes arise from the incompetence or ignorance of the estate owner. A competent estate planning attorney seldom make a mistake. So it is very possible for you to hire an estate planning attorney who ends up ruining your estate plan with mistakes. So ensure you set your affair in order the right way by avoiding this estate planning mistakes:
Estate planning mistakes to avoid
Failure to have an estate plan
Several Americans die without creating a will. That, I would say, is a great tragedy. If you die without a will, you are simply giving the government the right to share your assets according to the law of your state. This law is often regarded as the intestate law.
Many married couples assume that when a spouse dies (without a will), his or her assets is automatically transferred to the living spouse according to the law of intestacy. That is very wrong. When such happens, the estate of the deceased will have to undergo a process called probate. Probate is one process you wouldn’t want your children or loved ones to experience.
Failure to plan for the unforeseen
If for instance, you were involved in a ghastly accident (God forbid) that got you incapacitate, what will happen? How will your medical needs be met? In other words, who will make those important medical and financial decisions for you during this period? If you failed to plan for an unforeseen situation like this, you may be left frustrated.
All estate plans are to contain a financial power of attorney or a health care power of attorney. A financial power of attorney is a document that gives a designated individual the authority to make financial decisions on your behalf. On the other hand, a health care power of attorney is also a legal document that gives a selected individual the authority to make crucial health care decisions on your behalf. If peradventure you failed to include those legal documents in your estate plan and you somehow get incapacitated, the court will select an individual who will make those crucial decisions on your behalf.
Failure to update estate plan
An estate plan is not something you do and forget. When certain primary life changes occur, you will have to update your estate plan. Also, when you decide to modify your goals or when certain estate laws change, you will have to update your plan to conform to your new goals or the recent estate law of your state.
For instance, if you decide to relocate to a new state, you will need to appraise your estate plan. Contact an estate planning attorney who is conversant with the law of the estate and make the necessary adjustments. If you fail to carry out that simply task, there may be problem when the time for your estate plan to be activated comes.
In addition, if a beneficiary dies, or a new baby is introduced to the family, your will may need to make some modifications to your existing estate plan.
Who do you need to plan your estate?
Preparing an estate plan is one thing and preparing a “good” estate plan is another. The latter should be the primary aim of any estate owner. You may ask yourself, how do you prepare such an estate plan? It’s simple. Contact an estate planning attorney.
A competent estate planning attorney can help you prepare an estate plan that mirrors your intentions. One that makes you live each day in confidence. A good attorney has the necessary resources needed to plan a top-notch estate plan. In addition, they have the experience and expertise, something you are lacking when it comes to making an estate plan.
Ensure you contact us if you feel the need to plan your estate. Our Attorneys are one of the best out there. Remember, the earlier the better so don’t hesitate. Now is the time for estate planning, so plan your estate now!
