Estate planning is a crucial part of everyone’s life. Though it can get complicated, with a bit of self-education and an experienced attorney on your side, it doesn’t have to be impossible. Here are some of the most common mistakes you should avoid when creating your estate plan:
- Neglecting to write a will altogether: This is the worst thing you can do for your estate. When you pass on, creating a will is the most important aspect of ensuring all your hard-earned assets are distributed as you would have intended. Failing to create a will is failing to seize a crucial opportunity for your family’s well-being. On a related note, it is detrimental to put off writing your will. If you are old enough to be researching estate planning, you are old enough to create one. Do not fail to create a will both promptly and properly. Our firm is here to help you throughout the will-writing process.
- Attempting to write your will on your own: We understand–nobody wants to pay lawyer fees for something they can do themselves. However, no matter how smart you are, unless you have vast experience with the law, it is best not to try and go it alone. Online will-writing templates and DIY will-writing kits are tempting, however, they open you up to several potential legal pitfalls that could put your estate in jeopardy. In short, the fee you pay an attorney is small potatoes compared to the amount you may lose by trying to create your will by yourself.
- Failing to account for incapacitation: Of course, nobody wants to think about the day where they are no longer capable of making key financial or medical decisions on their own. However, if that day comes, wouldn’t you rather be prepared? You can appoint individuals you trust to make these important decisions on your behalf so you can have peace of mind knowing you have people legally capable of advocating and acting in your best interest, at all times.
- Neglecting to consistently update and review your estate plan: Since estate planning can be such an involved process, individuals often seek to put it all behind them once they create their initial plan. However, as your family grows and as the years go on, your estate plan will have to be adjusted accordingly. We would be more than happy to help you do so.
Contact our experienced Rockland County 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.