4 Biggest Estate Planning Mistakes To Avoid With The Help Of An Attorney
Posted on: 23 May 2022
No one likes to think about death, but planning for it is very important. Unfortunately, many people make common mistakes when it comes to estate planning that can cost them dearly. By working with an attorney, you can avoid making these mistakes and ensure your final wishes are carried out.
1. Not Having an Estate Plan
One of the biggest mistakes you can make is not having an estate plan at all. You may think you don't need one because you don't have a lot of assets, but everyone should have at least a basic estate plan in place. Without an estate plan, your loved ones will have to figure out what to do with your belongings and how to settle your affairs after you're gone. A real estate planning attorney can help you create a basic estate plan that will give you peace of mind knowing your loved ones are taken care of.
2. Not Updating Your Estate Plan
Once you have an estate plan in place, it's important to keep it up to date. As your life changes, so too should your estate plan. If you get married, have children, or acquire new assets, you'll need to make sure your estate plan reflects these changes. Failure to do so could result in your loved ones facing unnecessary challenges after you're gone. You need the guidance of a real estate planning attorney to make sure your estate plan is always up to date.
3. DIY Estate Planning
Trying to do your own estate planning is a mistake. The laws surrounding wills, trusts, and other aspects of estate planning are complex, and they vary from state to state. If you don't have a thorough understanding of the law, it's easy to make mistakes that could jeopardize your plans. What's more, if you do make mistakes, there's no guarantee they'll be caught and corrected. By working with an attorney, you can be confident your estate plan will be done right the first time.
4. Not Naming an Executor
When you create a will, you need to name an executor—the person who will be responsible for carrying out your wishes. If you don't name an executor, or if you name someone who is unable or unwilling to serve, it can create a number of problems. Your loved ones may have to go to court to have someone appointed, which can be costly and time-consuming. Additionally, if there's no executor named in your will, the court will appoint one for you. As a result, you could end up with someone you would not have chosen to handle your affairs.
An attorney can help you avoid these and other common mistakes when it comes to estate planning. Working with an experienced attorney ensures your estate plan is done right the first time and remains up to date as your life changes.
Contact an estate planning attorney for more information.
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