Estate Planning Mistakes
There are a countless number of legal strategies you might want to consider when putting together an estate plan. And there are a few “must have” estate planning documents you should create such as a will, a health care directive, financial and health care powers of attorney, and a trust. But there are many who still make frequent mistakes which can prevent a smooth arrangement when dealing with estate planning. Here are a few common mistake people make.
Not Seeking Professional Advice
Some people try to “DIY” estate planning and important documents by using self-help websites. Even though you’ve done extensive research, mind you there is nothing wrong with doing research, but you need to realize you can’t do it all yourself. A professional estate planner can help you chose what is best for you in your situation. There is no substitute for hiring a qualified attorney to ensure your documents are adequately drafted and accomplished to your specifications and needs.
Not Re-Examining or Updating an Estate Plan
It is not in your best interest to create an estate plan and forget about it or update it. There could be changes in the law or family structure. A divorce, death, adoption or even moving to a new state, where the laws affecting beneficiaries may not be the same as the state you moved from and can change the emphasis of a plan. Re-exam your estate with a professional every few years or when there is a significant change in your life.
Keeping Secrets from Your Estate Planner
We understand that clients like their privacy in regards to finances and family and we respect that. But providing incomplete or vague details can keep your planner from producing an accurate estate plan. It is also a good idea to communicate with your family to avoid conflict and hurt feelings and to family members from being blindsided. Talking about your decisions will provide everyone with an opportunity to understand and respect your decisions. Communication can allow hurt feelings to heal and jealousy to subside and can help prevent alienation and court battles among your heirs.
Professional Estate Planning
These mistakes are just a few that most people make. Edmondson Law, PLLC is here to help you represent your best interests. Call Edmondson Law Firm for professional help to get you on track and put your mind at ease.
Information, Not Legal Advice. We provide the information on this website as a public service. The legal landscape is constantly changing and being modified by state law and case law. As a result, we cannot promise that this information is always up-to-date and reflective of the most current jurisprudence.
We do not intend this information to be legal advice. By providing this information, we are not acting as your lawyer. If you need legal advice, you should contact a lawyer through our number (972) 442-8326 or contact another attorney of your choosing.
