It is important for anyone to create a comprehensive estate plan at some point throughout their life. While the process can prove to be complicated, it benefits you in the long run. However, there are many ways a simple mistake can be made along the way. It is because of this that you should educate yourself on the process and retain the services of an experienced attorney during this process to ensure you are creating an estate plan that is right for you. The following are common mistakes to avoid and how you can do so:
Not Creating a Will
When a person dies without creating a will, it is known as dying intestate. A will is a guide for what happens to a person’s assets when they die. When they die intestate, the deceased has no plan left behind for what happens to these assets. This leads family members and loved ones scrambling to figure out what comes next. Usually, the assets are left in possession of the state where they are distributed based on a succession schedule.
Creating a Will on Your Own
When it means saving time and money, people often are tempted to make an estate plan on their own. However, this can open a person up to several possible legal pitfalls. Even small mistakes can detrimentally impact a person’s estate plan when it comes time to administer it. It is always best to hire an attorney to guide you through the process.
Neglecting to Plan for Incapacitation
It can be daunting to think of the future, especially if it means considering your potential inability to care for and make decisions for yourself. While it is scary, it is better to be prepared for the worst than to be unprepared. It is important to appoint a trusted individual to make decisions for you in the event that you become incapacitated and are unable to do so on your own.
Failure to Update an Estate Plan
Life changes over time. This can result in divorce, remarriage, new children, grandchildren, adoptions, and more. When this happens, it is crucial that these changes are reflected in your estate plan. Failure to do so can leave surviving loved ones without the proper resources they need after your death.
Keeping Secrets From an Estate Planner
There are times in which people may be hesitant to disclose all of their familial or financial information. This can lead to incomplete or vague details. The job of an estate planner is to make suggestions that will benefit your family in the long run. Without proper information, this may not be possible.
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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.