Starting an estate plan can be difficult, especially if you don’t know where to start. Some property owners fall into the same pitfalls when estate planning. If you’re thinking about estate planning, you’ll likely want to be informed about the most common mistakes others make so you know what to avoid. Thankfully, our law firm is on your side! To learn estate planning tips, read this blog or reach out to a Rockland County Wills, Trusts & Estates Attorney today.
WHAT COMMON ESTATE PLANNING MISTAKES SHOULD I AVOID?
Overall, the biggest estate planning mistake that people make is failing to estate plan at all. It’s always better to be prepared, and you can secure your assets for the future by beginning to plan your estate as soon as you are able to. Most people don’t like to think about what would happen if they were to unexpectantly become incapacitated or pass away, but having a solid estate plan can be extremely helpful to your loved ones in the future. When someone passes away without a will, their family needs to go through probate so the courts can decide how their assets should be divided. This could be unfavorable if you want to make sure your family will have access to your property and other assets in the future. You can also specify burial instructions or funeral arrangements in your will so your family won’t need to stress about planning.
Another common mistake is forgetting to appoint a power of attorney. This is the person who will be responsible for handling your assets and making decisions on your behalf in the unfortunate event that you are no longer able to. You can specify a power of attorney in your will.
WHAT ELSE SHOULD I KNOW?
Some people are nervous to speak openly about their estate plans with their loved ones. However, it’s important to inform whoever you included in your will so they aren’t surprised in the future. Another important tip is to include more than one beneficiary. It’s fairly common for people to forget to include multiple beneficiaries, but you should remember to include backups, which are called contingent beneficiaries. This ensures that your estate won’t have to go through probate court if your beneficiary passes away before you do.
Are you thinking about starting your own estate plan? Are you seeking an estate lawyer who can guide you through this complicated process? Look no further because the Lauterbach Law Firm is here to help! Contact our knowledgeable team today for an initial consultation.