Easy Estate Planning Mistakes to Avoid
When planning for the future after your death, it can be difficult to discuss topics such as the creation of wills, trusts, incapacity plans, or estate planning in general. Some people view it as bad luck, and try to rush through what they view as an unpleasant process as quickly as possible. This is not a good approach, and one should be pragmatic when making plans about the future even when that future does not involve them.
These are five of the most common errors people encounter when making estate plans:
Your legacy is built while you’re alive, and while you’re still in a good position to make decisions, you owe it to your loved ones to avoid these mistakes so you can best provide for your loved ones.
Not Working With an Attorney: This is a mistake that is far too common, and it only seems to be getting worse as time goes on with the advent of online legal drafting services. Many mistakes can be made online that leave the condition of your assets, properties, and even beneficiaries vague or outright contradictory. Creating your planning document is dangerous, and something as important as an estate plan should not be left to do-it-yourself tools.
Not Updating Your Estate Plan: While creating an estate plan may seem like a one-and-done affair, this couldn’t be further from the truth. You should update your estate plan every five or so years to make sure that it is current with new laws, asset changes, family changes, and so on. In addition, if somebody has a child or suffers an injury, if an asset appreciates or depreciates, or any number of things happen, you’ll want to reevaluate your estate plan with an attorney.
Not Working With a Good Attorney: While working with an attorney is essential, you want your attorney to be qualified and up-to-date attorney. Unfortunately, not everyone manages their practice the same way, some are more specialized than others, and some may have other priorities. Therefore, it is important to look at what your attorney does to stay current with modern legal trends.
Failing to Transfer Assets: You have to make sure that your trust is funded when you have a living trust. The living trust must own your assets, and a good estate planning attorney will help you with this process as a part of your overall estate plan.
Trying to be Secretive: Please don’t do this. A living will is an essential part of any estate plan. It is a legal, written record of your end-of-life wishes. Your estate plan should include a living will, and this is something you should discuss with your family so they aren’t surprised by any potential complications or things that you may have failed to consider. You’re doing this for your family’s sake, so discuss it with them.
There are many more mistakes and considerations that could be made during the estate planning process. Your estate plan should have numerous goals, and good attorneys like those at Dowd Law will be happy to guide you through every step of the process. Call us today and learn more about why you should work with an attorney and why Dowd Law is the right place for you to plan your estate.