Estate planning is an important part of life. Planning for your future will allow you to make sure your wishes are carried out properly. Additionally, you will be able to divide your assets amongst your loved ones, leave them gifts and mementos, and ensure that they are cared for. If you don’t go about it correctly, a lot of issues can arise. Read on to learn more about estate planning and the mistakes 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 should contact an experienced estate planning attorney. An attorney can examine your situation and create the necessary documents to make sure all of your bases are covered.
- You do not update your estate plans.
- It is tempting to create your estate plan and then simply put it out of your mind. But, doing so comes with consequences. As your life changes, your estate plan should change. 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. If you fail to update your will, a lot of problems can occur. For example, you might leave someone important out of your will, or accidentally leave power of attorney to your ex-spouse. If you experience a major life-change, good or bad, you will want to reach out to an estate planning attorney to adjust your current plans.
- You go at it alone.
- In today’s day and age, there is an app or 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 not create all of the necessary documents. Additionally, 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.
If you are ready to begin the estate planning process, or update your current plan, reach out to our firm.
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.