Estate planning can be a complicated process. In order to create a comprehensive estate plan, you will have to create a number of documents that all work together cohesively. Additionally, these documents must be created and filed in a certain way in order to be considered valid. Unfortunately, it is easy to make mistakes and these mistakes can have a major impact down the line. Read on to learn more about the estate planning process and what to avoid.
Top Three Estate Planning Mistakes
- You do not create all of the necessary documents: There is a lot that goes into estate planning. Some people create a will and assume they’re done with the process. In reality, you may want to create trusts, a power of attorney, a health care directive, and more.
- You go at it alone: In today’s day and age, there is a website for everything. The same is true when it comes to estate planning. You can easily access a do-it-yourself estate planning template. This may seem like a good idea, but it can go very badly. For example, you may create or file the documents incorrectly. If this happens, the documents may be found invalid in a court of law. If you pass away with an invalid will, your loved ones will be caused a lot of unnecessary stress in a time of mourning. To make sure that the proper documents are created and filed properly, reach out to a New York estate planning attorney.
- You do not update your estate plans: It can be tempting to create your estate plan and simply put it out of your mind. But, doing so comes with consequences. As your life changes, your estate plan should change too. Some common reasons to update an estate plan include the birth or adoption of a child, marriage, remarriage, divorce, and the death of a loved one included in the will. Generally, you should update your estate plan every 3-5 years.
If you have any questions or concerns regarding the estate planning process, contact our firm today. We understand that the process can be daunting, but we are here to walk you through it. Reach out to speak with an experienced and dedicated estate planning attorney.
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.