Avoid the Common Mistakes of Estate Planning
Introduction
In Queens, NY, you’d be surprised how many people overlook or put off their estate planning each year. Estate planning can often seem intimidating, and if you have no legal assistance, drafting and maintaining a proper estate plan is bound to be overwhelming.
But in 2021, estate planning doesn’t have to be a tumultuous process. You can avail the services of an attorney to take care of technical matters related to your plan. Think of it in terms of prioritizing the needs of your family or loved ones after you depart from the world.
Contrary to popular belief, estate planning is not just reserved for wealthy individuals. In fact, it applies to anyone with valuable assets like property and offers support to the family. Emotionally, estate planning can take a toll but it is imperative to be objective and avoid confusion.
Let’s take a look at common estate planning mistakes that you should avoid at all costs:
Unclear Estate Plan
One of the common mistakes you need to avoid is not drafting a clear and objective estate plan. Just like car insurance, you need to support your estate plan. In non-traditional families that involve multiple new spouses, ex-spouses adopted children, and stepchildren, the estate plan is bound to get complex. And you need to be clear about each detail to avoid internal conflict among family members later on.
Not Sharing Your Plans
It might make sense to keep your estate plan secret but you should talk it out with your attorney. In most cases, not telling or discussing an estate plan to anyone creates problems for family members. So, let your close friends and family members know about the distribution of your assets and personal health. It is the best way to prevent a series of misunderstandings and emotional turmoil.
Lack of Knowledge about Options
Many people in Queens, NY are not aware of their estate planning options. Remember that estate planning boils down to individual needs. So, approach living trust, living will, last will, and power of attorney as per your needs. For instance, make sure to choose the power of attorney that you think should represent you in the financial and legal capacity.
Failure to Update Your Estate Plan
When you keep an open line of discussion with your attorney about your estate plan, it allows you to make suitable adjustments over time easily. Also, not having a contingency plan is a common mistake in estate planning. But like updates, your attorney will recommend you to put in place a contingency plan for the sake of your beneficiaries.
Final Thoughts
When it comes to standard estate planning, you can categorize most pitfalls and mistakes. The trick is to make sure the estate plan caters to “your” needs with distinct features. It is the main reason people seek out the expertise of a professional estate planning lawyer to avoid recurring mistakes. Besides, there are more than a few factors that require thorough review before you can draft a solid estate plan. In Queens NY, make sure to opt for the services of the most experienced estate planner.
REFERENCES:
- https://finance.yahoo.com/news/10-estate-planning-mistakes-avoid-110012656.html
- https://www.kiplinger.com/slideshow/retirement/t021-s014-10-common-estate-planning-mistakes-to-avoid/index.html
- https://www.geigerlawoffice.com/library/top-25-estate-planning-mistakes-people-make-how-to-avoid-them.cfm
- https://blog.massmutual.com/post/estate-planning-5-big-mistakes-you-might-be-making
- https://www.forbes.com/sites/bobcarlson/2018/04/20/avoiding-7-deadly-estate-planning-mistakes/?sh=4bc7cce06160
