Estate planning is an incredibly important process. Unfortunately, simple mistakes can have a huge impact down the line. Read on to learn more about the process and what to avoid.
The Biggest Estate Planning Mistakes Include:
Not Creating a Will
A will is a document that declares how your assets will be divided amongst your loved ones in the event of your passing. There are a lot of misconceptions regarding wills. For example, many people believe that only those of a certain net worth need a will. This is not the case. Anyone over the age of 18 with any property or assets should create a will. Dying without a will, known as dying “intestate,” means that your assets will be distributed by the state of New York, rather than according to your wishes.
Trying to Create Your Own Will
There are ways to create a will without the help of an attorney. But, that does not mean you should take this route. A will must be created and filed a very specific way in order to be considered valid. Taking on the process without an experienced attorney can lead to a lot of trouble in the future.
Failing to Plan for Incapacitation
Not many people realize that estate plans are useful when it comes to planning for your future health. While no one wants to think about possibly becoming incapacitated, it is always better to be prepared than not. Planning for potential incapacitation allows you to be sure that your affairs are in order and choose someone you trust to make important decisions on your behalf.
Failing to Update Your Estate Plan
Your life is ever-changing. It is important that your estate plan reflects these changes. The rule of thumb is to update your estate plan every 3-5 years to be sure it still reflects the goals for your future. Some common reasons to update your estate plan include marriage, divorce, the birth/adoption of a child, the death of a loved one included in the estate plan, etc.
If you have any questions or concerns regarding your estate plan or the process, contact our firm today. We are here to walk you through the process each step of the way.
Contact our Firm
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.