As you know, creating an estate plan is essential. Our firm can help ensure that you do so correctly, however, part of knowing what to do is also knowing what not to do. Please continue reading and speak with our Pennsylvania estate planning attorneys to learn more about some of the most common estate planning mistakes. They are as follows:
Failing to Create an Estate Plan
Everyone must create an estate plan in their lifetime. Doing so will help ensure assets are distributed as you intend upon your passing, though estate plans often encompass far more than asset distribution to beneficiaries. While it is, of course, critical that you create a will and perhaps one or more trusts, you should also include powers of attorney and guardianships in your estate plan as well. Creating powers of attorney will allow you to appoint a trusted individual to handle certain assets and ensure you receive proper medical care, should you ever become incapacitated and are unable to do so on your own. If you are a parent, creating guardianships can help ensure that should you and your spouse be unable to care for your child, the guardians you appoint will receive custody of your child. If you do not, a court will make this decision on your behalf.
Neglecting to Hire an Attorney to Help Write Your Will
While this may be tempting to try, as you can avoid paying an attorney fee, the truth is, online will-writing kits are extremely dangerous, and anyone with knowledge of estate law will tell you as much. There are various potential pitfalls of trying to write your will on your own, and even a simple misphrase can drastically alter the outcome of your estate plan. When this happens, your family members will most likely have to hire an attorney to fix these errors regardless, so it is always better to do so on your own from the start.
Failing to Update Your Estate Plan Regularly
Life is constantly changing, and if you recently got married, had a child, lost a loved one included in your estate plan, or got divorced, you must adjust your estate plan accordingly. If you fail to do so and you pass away, there is a very good chance that your assets will not be distributed according to your wishes. No matter where you are in the estate planning process, it is critical that you retain the services of an experienced Pennsylvania estate planning attorney. Our firm is here to help.
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Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.