Creating a comprehensive estate plan is something everybody should do in their lifetime. Fortunately, in today’s day and age, more and more people are doing just that. However, the estate planning process is complicated, and it is very easy to make a simple mistake along the way. Nevertheless, if you ask anyone who has knowledge of estate planning, they will tell you that those “insignificant” mistakes can actually go a long way. This is why below, we have prepared a small list of the most frequent mistakes people make when creating their estate plans, in the hopes that you will avoid them. Please read on to learn more about the “don’ts” of estate planning:
Not creating a will: When people die intestate, meaning they have not created a will, their families are often left scrambling to handle various estate-related affairs for the decedent, in a time where they’d be far better off processing the loss and beginning the grieving process. When you create a will and estate plan, you ensure that all your assets will be distributed and taken care of as you would have intended. Rather obviously, creating a will is a win-win for both you and your family.
Creating a will by yourself: We understand how tempting this can be, especially if it means saving time and money. However, the truth is, though it may save you time and the expenses of hiring an attorney, you will most likely actually end up losing money in the long run. DIY and online wills open individuals up to several potential legal pitfalls, and even the smallest mistake can drastically affect the outcome. It is always best to hire an experienced attorney to help write your will.
Neglecting to plan for incapacitation: Nobody wants to think about the day where they can no longer make important financial or healthcare decisions on their own. However, it is always best you are prepared for the worst. You can appoint a trusted individual to make these key decisions for you, should you ever become unable to do so by yourself in an estate plan.
Neglecting to adjust your estate plan accordingly: As life goes on, your family will grow and expand, which often gives reason to modify your estate plan as necessary. Keeping your estate plan tidy and up-to-date is essential. To create or update an estate plan, simply speak with our knowledgeable firm. We are ready to help.
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 25 years. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.