The thought of creating an estate plan to prepare for your future can often seem overwhelming. However, especially in the world we are currently living in, doing so is more important than ever. There are many parts of an estate plan that can be added, which is why it is easy to make some mistakes during the process. This can include the following:
- Not hiring an estate planning attorney for help. An estate plan can be set up in a variety of ways, including on your own. However, an attorney can provide guidance on how you should set it up so that it best suits your future. Any mistakes can result in some documents becoming void and cannot be used. An estate planning attorney should also be used to change any documents that need to be updated.
- Not updating your plan. As life changes, so should your estate plan. This can include any gains or losses that you experience in your life, such as loved ones or financially. An estate plan should be reviewed about every five years.
- Not understanding your will. A will is a critical document, as it controls your assets that are in your name. While some believe jointly held assets can be included in a will, this is not the case.
- Not creating a revocable living trust. This is a trust that can be modified overtime without the permission of a beneficiary. Having assets set up in this type of trust can save your loved ones time and money by avoiding probate after your life is over.
- Not transferring assets to the living trust. Be sure your assets are owned by the living trust by funding it.
- Not having a living will or discussing your final wishes for your estate with loved ones. Doing so ensures your end-of-life wishes can be carried out after your death.
- Not taking the cost of long-term care into account. An estate plan should include how your assets should be protected from the cost of long-term care. If you are in a situation where you need in-home care or to live in a nursing home, your assets could cover the cost of this care. In order to prevent this from happening, be sure to detail how you want to protect these assets.
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.