Common Estate Planning Mistakes | What You Need to Know
Estate planning is one of the most important things we can do while we are alive. If you are someone who is looking to create your estate plan, you must continue reading and speak with our experienced Pennsylvania estate planning attorneys to learn more about what, and what not, to do when it comes to planning your estate. Some of the most common estate planning mistakes for you to avoid are as follows:
Failing to Create a Comprehensive Estate Plan Altogether
This is among the gravest of mistakes. Creating a comprehensive estate plan will not only ensure that your assets will be distributed as you would have intended upon your passing, such as through your will or trusts, but it can also help you greatly while you are alive. For example, you may wish to create powers of attorney or guardianships. A power of attorney can ensure that should you ever become incapacitated, you will have a trusted individual who is appointed to handle your finances, medical care, and more.
Failing to Hire an Attorney to Draft Your Will
Though we live in the digital age where many free online will-writing kits are available, the truth is, choosing to draft your will without the assistance of an experienced attorney on your side is one of the worse decisions you can make. Anyone with any knowledge of estate law will tell you that you absolutely must hire an attorney to draft your will. This is because when it comes to writing a will, even the simplest misphrase can drastically alter the outcome of your will, causing assets to be distributed not as you intended. Furthermore, when a will is improperly created, your family will most likely have to pick up the pieces and hire an attorney on their own to help sort out what you left behind, which is why it is best to simply hire an attorney from the very start.
Failing to Regularly Update Your Estate Plan
As life goes on, things change. For this very reason, you must update your estate plan every 5 years, or at least whenever you experience a major life event. For example, if you get divorced–or married–you must update your estate plan to reflect that. Additionally, having a child, or even having a beneficiary pass away are also common reasons to update your estate plan. The bottom line is that your estate plan should always reflect your current situation. Our firm is here to help.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team that you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.
