It is important for anyone to create an estate plan that allows them to prepare for their future and death, no matter how old they are. This is because it provides them with comfort in knowing their estate will be taken care of in accordance with their wishes when the time comes. While this is true, the process of doing so is not always easy. This is because there are a variety of ways that an estate plan can be created in order to meet a person’s needs. With different options, it is easy to make a mistake that can impact estate administration. Continue reading below to learn more and contact an experienced New York estate planning attorney for assistance.
Not Creating a Will
Failing to create an estate plan can result in loved ones losing out on the assets you own. This is because there is no guidance on how they should be handled and distributed upon your death. When this happens, your estate can become the property of the state to be distributed based on a succession schedule. This most likely will not be in accordance with what you would have wanted for your estate. It is because of this that the sooner a plan is created, the better.
Trying to Create Your Own Will
When writing a will, it is not required to have an estate planning attorney. There are many different free will-writing options available that can be tempting to use in order to save time and money. However, as previously stated, making an estate plan is not a simple process. Doing so on your own has the potential to open you up to certain legal pitfalls. With the help of an attorney, you can ensure your wishes are met by documents that support them.
Failing to Plan for Incapacitation
It is important to know that estate plans are not only meant to prepare for death. They can also establish plans for the future of your healthcare. While no one wants to consider the possibility of becoming incapacitated, it is always best to be prepared than unprepared. This allows you to be sure all your affairs are in order if another individual must be in charge of making decisions on your behalf regarding your health and estate.
Failing to Update Your Estate Plan
As life goes on, people experience many different changes. This can include a variety of different losses and gains. It is because of this that an estate plan should reflect these changes and be updated throughout life. It should never be written and left alone until it is used. Instead, the rule of thumb is to look at your estate plan every 3-5 years to be sure it still reflects your desires.
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.