It is important for all people to create a comprehensive estate plan at some point in their life. This is because it gives them the peace of mind in knowing that their estate will be taken care of when they are no longer around. However, the process of estate planning is not always easy. There are many different ways a plan can be created in order to achieve desired goals. If not careful, there are many mistakes that can be made. These can impact the effectiveness of estate administration when the time comes. Continue reading below to learn more.
Not Creating a Will
The failure to create an estate plan can cause loved ones to lose out on inheriting the assets you own. This is because there is no plan in place for how they should be distributed in the event of your death. Without a plan in place, your estate can become the property of the state. It is then distributed based on a succession schedule, not necessarily what you would have wanted. The sooner an estate plan is created, the better. Regardless of how old you are.
Trying to Create Your Own Will
An estate planning attorney is not necessary when writing a will. There are many free will-writing options available online that can be tempting to save time and money. However, creating an estate plan can often be complex. By utilizing an attorney, you can be sure you are creating a plan that fulfills your wishes for the future of your estate. Establishing these documents on your own can open you up to certain legal pitfalls.
Failing to Plan for Incapacitation
Estate plans do not only have to prepare for death. They can also designate plans for your future health. While no one wants to think about possibly becoming incapacitated in their life, it is always better to be prepared than not. Planning for potential incapacitation allows you to be sure that your affairs are in order if another person must be in charge of making important decisions on your behalf.
Failing to Update Your Estate Plan
Life does not stay the same. As it goes on, people experience various changes. This can include the loss or gaining of a life, a difference in financial situations, gaining or losing certain assets, etc. It is because of this that an estate plan should continue to change as your life does. A plan should never be written and put away for the rest of your life. It should be revisited and updated as necessary. Rule of thumb is to do so every 3-5 years to be sure it still reflects the goals for your future and death.
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.