When it comes to estate planning, there is a lot on the line. Your estate plan will allow you to divide your assets, create plans for your future, and ensure care for your loved ones. To make sure everything goes smoothly, you should avoid making the following estate planning mistakes:
Only Creating a Will
Some people create a will and assume they are done with their estate planning process. While a will is an incredibly important document, there is a lot more that goes into estate planning. In addition to your will, you may also want to create a trust, a power of attorney, a healthcare directive, and any other documents that may be beneficial to your estate. Just creating a will is not enough to successfully plan your estate.
Neglecting to Update Your Estate Plan
Many people create an estate plan and then put it out of their minds. It makes sense. Planning for the future is not something we want to think about often. But, it is necessary when it comes to estate planning. You will need to update your will and other documents over time. As your life changes, your plans will change. Some common reasons to update an estate plan include a marriage, a divorce, a remarriage, birth or adoption, and the loss of a loved one included in the plan.
Failing to Hire an Attorney
One of the biggest mistakes people make when it comes to estate planning is failing to hire an experienced attorney. Today, there are lots of online resources. For example, some sites offer DIY fill-in-the-blank templates to create your own will. This may seem like a quick, easy, and cheap option, but it can cost you in the long run. Your estate planning documents must meet certain criteria in order to be considered valid in the eyes of the law. For example, if your will is not executed properly, it may be considered invalid. This would leave your assets divided by the state, rather than by your wishes. Additionally, it can lead to a lot of stress and tension for your loved ones. A skilled attorney can make a custom, personalized estate plan to suit all of your needs, and create and file it properly.
If you are interested in beginning the estate planning process, or you wish to update your plans, reach out to our firm today.
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.