Many underestimate the importance of planning an estate, as they believe they don’t have enough assets to pass down or aren’t old enough to start planning their future. However, these are common misconceptions and errors that can impact your planning process. Ensuring your plan is established and free from mistakes guarantees its validity, providing peace of mind. Understanding the most common estate planning errors is crucial to avoid them. You’ll also want to keep reading to discover how a Putnam County estate planning attorney can help you ensure your future is secured.
What Are the Most Common Estate Planning Errors?
One of the most common mistakes many make regarding their estate plan is delaying the process. Whether you think you’re too young to have an estate plan or think you don’t have enough assets, you’d be mistaken. If you have children, own property, or deposit money into a savings account, you should create a will. Unfortunately, your life can change instantly, and without a will, your estate will be left in the hands of the state.
In the past few decades, technology has become deeply ingrained in everyday life. From bank accounts to social media, you likely have numerous assets. Ensuring you dictate what you’d like to happen with these assets is crucial, as passing away without a plan for these funds and accounts can send your loved ones into the probate process. Creating a digital estate plan and naming beneficiaries and an executor for these assets can help ease the burden on your loved ones.
Unfortunately, another mistake many make is something they do in good faith. Many will create a will with certain conditions their beneficiaries must meet to receive their inheritance. For example, if you want your children to inherit your home, you may require them to all live in the same state. However, if one of your children moves across the country, they may not have the means or want to return to the state. Instead, your children must go to court and contest the will. Avoid making extremely specific requirements in your estate plan.
Why Do I Need an Attorney?
Though there are plenty of websites that claim they can create your estate plan in a matter of minutes, enlisting the help of a qualified lawyer is vital. While a DIY option may seem simpler, it is not as comprehensive as working with an attorney. This means it can be riddled with mistakes, and assets can be left out, invalidating your estate plan.
Instead, the Law Office of Andres D. Gil can help ensure your estate is in order to provide peace of mind for your future. Our dedicated legal team understands that this can be an overwhelming process for many. We’re ready to help guide you through planning your estate to make it as simple as possible. Contact us today to learn how we can help you.