It is crucial for everyone to take the time to create a comprehensive estate plan at some point in their life. This is because it allows them to protect the future of their cherished assets and loved ones when they are no longer around to do so themselves. When creating an estate plan, it is important to know that the process is not always simple. There are many ways an estate plan can be created depending on the desires of the individual. If not careful, there are many mistakes that can be made that can jeopardize the future of an estate. Continue reading below to learn more about these and how to avoid them.
Not Creating a Will
By failing to create an estate plan for yourself, it can result in your loved ones losing out on a significant amount of assets that you own. This is because there is no plan in place for how they should be distributed when you die. When this happens, it can become the property of the state to be administered based on a succession schedule. This may not be what you would have wanted for your estate, which is why it is best to create one as soon as possible. This is regardless of your age or financial situation. Anyone can create an estate plan.
Trying to Create Your Own Will
An estate planning attorney is not necessarily required to write a will. However, doing so is not always easy. With the help of an attorney, you can make sure that your will is written property to cover all proper bases, leaving no stone unturned. This allows you to be sure that your desires will be met when the time comes for your estate to be administered. Trying to establish these documents on your own can open you up to potential legal pitfalls. It is best to avoid this possibility altogether.
Failing to Plan for Incapacitation
Estate plans are not only meant to plan for death. While no one wants to consider the idea that they can become incapacitated in their life, it is better to be prepared than not. Planning for incapacitation allows you the peace of mind in knowing that your affairs are in order should someone be in charge of making important decisions on your behalf.
Failing to Update Your Estate Plan
Life does not stay the same forever. People experience many changes as the years go on, including a variety of additions and losses to their life. This is because you can gain or lose a family member/assets or federal/state law may change. It is critical that these are reflected within your estate plan. A plan is not meant to be written and put away until administration. Your plan should be revisited every 3-5 years to be sure it is in line with your wishes.
Contact our Firm
Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis & Griffor today to schedule a consultation.