Estate planning is a critical, yet complicated aspect of life. Everyone must have an estate plan, and most people do, however, if you create your estate plan alone, you set yourself up for several potential mistakes. Please continue reading to learn more about the 5 most common estate planning mistakes, and how our experienced Edison estate planning attorney can help you avoid them.
The first, and perhaps most common estate planning mistake is simply failing to hire an experienced estate planning attorney. All too often, people think they can create comprehensive estate plans themselves, without the assistance of an attorney. This isn’t their fault, as there is a wide variety of estate planning how-to’s and will-writing kits available online. While this may be tempting, we must tell you that this is not your best option, as a simple misphrase can drastically affect the outcome of your estate plan. Our firm can help you avoid that.
Second, once people create estate plans, they often believe they never have to look at them again. This is untrue. Generally, it is best to update your estate plan with an experienced attorney at least once every five years. Having a child, getting married, divorced, changing jobs, retiring, and more are all valid reasons to update your estate plan.
Neglecting to create estate planning documents outside of a will. Wills are only used for assets you exclusively own, meaning they are not used for IRAs, jointly held assets, and life insurance policies. Attorney Velasco can help you understand everything your will does, and does not, cover.
Failing to create a revocable living trust: Many people fail to create a living trust-based estate plan. When they do, it may hurt their family upon their passing. Creating a living trust-based plan may help your family avoid probate once you pass, which can help save them time and money in the long run.
Failing to create an advance healthcare directive or a health care power of attorney: If you would like to appoint a loved one to make certain medical decisions on your behalf if you are incapacitated or otherwise unable to make those decisions on your own, these are two critical documents that you must create. Many people fail to do so, resulting in serious complications during critical points in their lives.
For any further questions regarding how to create a comprehensive estate plan, please do not hesitate to give our knowledgeable, trustworthy New Jersey estate planning attorney a call today. Our firm is here to help you through every step of the process.
Contact Our Experienced New Jersey Firm
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 20 years. That is why we are confident we have what it takes to provide you with the effective legal counsel you need. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.