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What Mistakes Can Be Made Creating an Estate Plan in New York?

What Mistakes Can Be Made Creating an Estate Plan in New York?

Many people tend to avoid creating an estate plan, as it is overwhelming to think about preparing for death. However, it is important for every person to have an estate plan. This is because it is better to be prepared than the alternative. In doing so, it is important that the process is done properly so that no mistakes are made. Common mistakes that can happen during the creation of an estate plan can include the following:

  • Not hiring an estate planning attorney. There are several ways an estate plan can be made, including by yourself. However, these are sensitive, important documents that should be treated as such. An estate planning attorney can guide you on how to make the right plan for yourself so that it includes documents that benefit your future. An estate planning attorney should also be used to change any documents that need to be updated.
  • Not updating your estate plan. Life changes as time goes on and your estate plan should reflect this. This can include any gains or losses, such as loved ones or income. An estate plan should be reviewed approximately every five years.
  • Not understanding your will. A will controls the assets that belong to you and are in your name. Contrary to popular belief, this does not include assets that are held jointly with another person.
  • Not creating a revocable living trust. This is a trust that can be modified overtime without the permission of a beneficiary. With this, you can save your family time and money by avoiding probate after you die.
  • Not transferring assets to the living trust. Fund your trust to make sure your assets are owned by it. 
  • Not having a living will in addition to discussing your end-of-life wishes with loved ones. This ensures they are known and can be carried out when your life is over.
  • Not taking the cost of long-term care into account. An estate plan should include how you want your assets to be protected from paying for long-term care. If you need in-home care or to be in a nursing home, your assets could go to the cost of care. Your estate plan should outline how you want to protect this from happening to your assets.

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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.

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