Creating a comprehensive estate plan is important for all people to do. This is because it allows you to plan for what will happen to your assets in the event of your death. It can be a complicated process but it benefits you in the long run. When making an estate plan, it is important to educate yourself and retain the assistance of an experienced attorney. This is because it is easy to make a simple mistake along the way that can negatively impact your plans for the future. The following are common mistakes and how to avoid making them:
Not Creating a Will
People who die without creating a will are known as dying intestate. Without a will as a guide, the deceased has no plan left behind for what they wish to happen to their assets. This can cause confusion and scrambling amongst family members to figure out what to do. In these situations, the assets are usually left in the possession of the state to be distributed based on a succession schedule.
Creating a Will on Your Own
People are often tempted to make an estate plan on their own to save time and money. However, this can lead to certain legal pitfalls. Even small mistakes can affect a person’s estate plan when it is time to be administered. This is why it is best to hire an attorney during the process.
Neglecting to Plan for Incapacitation
It can be scary to think of possibly become incapacitated in the future. While this is true, it is better to be prepared for the worst than to be left without a plan. It is crucial to appoint a trusted individual who can care for and make decisions for you in the event that you are unable to do so on your own.
Failure to Update an Estate Plan
A person can experience numerous life changes in their life. This can include divorce, remarriage, new children, grandchildren, adoptions, and more. It is important that these changes are reflected in your estate plan. Without these updates, surviving loved ones can be left without the resources they need after your death.
Keeping Secrets From an Estate Planner
Sometimes, people may hesitate to disclose all their family and financial information to an estate planner. However, this can cause incomplete or vague details in your estate plan. An estate planner’s job is to make suggestions that will benefit your family in the plan. Without the correct information, this may not be possible.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.