The estate planning process can be daunting, but knowing what to avoid can make things much easier. Read on to learn more about the biggest estate planning mistakes.
Failing to Create a Will
A will is one of the most important documents you can create. In your will, you can declare how your assets will be divided amongst your loved ones in the event of your passing. This ensures that your wishes are followed and your loved ones are cared for in the future. Dying without a will is known as dying intestate. This means that your assets will be divided by the state of Pennsylvania. This will undoubtedly cause a lot of undue stress and even legal trouble for your loved ones, during an already difficult time.
Attempting to Create a Will on Your Own
Nowadays, we do everything online. In fact, you can even create your will online. While using a DIY will-writing template may seem like a quick and easy option, it can lead to a lot of trouble down the line. Because a will is such an important document, it must be created and filed in a specific way in order to be considered valid. If you take on the process without an experienced attorney, it is easy to make a mistake or leave out important information.
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. But, it is important to prepare for all possible outcomes. You should be sure 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
Once you create your estate plan, it is easy to put it aside and forget about it. But your life will change drastically over the years, and your estate plan should reflect these changes. As a result, it is important to update your estate plan every so often. Some reasons to update your estate plan include marriage, divorce, the birth/adoption of a child, the death of a loved one, etc.
Keeping Secrets From an Estate Planner
It is normal to be hesitant to disclose all of your familial or financial information. But, 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.
If you have any questions or concerns about the estate planning process, contact our firm today.
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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.