There are a lot of misconceptions surrounding estate planning. Read on to learn more about estate planning for Baby Boomers.
Top 3 Misconceptions About Estate Planning for Baby Boomers:
There are a lot of mistakes you can make when it comes to the estate planning process. The three biggest misconceptions include:
You Don’t Need to Plan for Incapacitation
When it comes to the future, no one wants to plan for the possibility of incapacitation. But, it is important to plan for all possibilities. Later in life, many people need long-term care. This can quickly deplete a lifetime of savings, so it is important to plan accordingly. Additionally, many people plan for nursing home expenses, which can also be an important step to take. Failing to plan for incapacitation is one of the biggest mistakes one can make when it comes to estate planning.
You Only Need a Will
Many people believe that once they create their will, they can be done with the estate planning process. This is certainly not the case. You may also need to create trusts, a power of attorney, an advance healthcare directive, and more. There is a lot that goes into estate planning and you should speak with an experienced attorney who can help you create a cohesive and comprehensive plan. Additionally, many people assume that they do not have to update their wills. This is not the case. You should update your will in the case of any major life event, including marriage, divorce, the birth/adoption of a child, and more.
You Don’t an Attorney
Many people attempt to take on the estate planning process on their own. This may seem like a quick and easy way to get through the process, but it can do more harm than good. For example, you may not create all the documents you need. Additionally, you may create invalid documents. If your estate planning documents are invalid, your assets will not be divided according to plan. This can create legal trouble for your loved ones, including litigation, during what should be a time of mourning.
If you have any questions about the estate planning process, our firm is here to help. Reach out today to speak with an experienced and dedicated estate planning attorney.
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.