Planning ahead is important for you and your loved ones. But, it can be complicated. When it comes to estate planning, there are some common mistakes to avoid. Read on to learn more.
Failing to Create a Comprehensive Estate Plan Altogether
When many people think of estate planning, they think about creating a will. It is true that a will is one of the most important documents you can create- but, creating a will is not enough to create a comprehensive estate plan. For example, you may also want to create an advance healthcare directive, a power of attorney, etc. While a will can help you plan for your passing, things like healthcare directives can help you during your life. All of these documents will work together to ensure that your needs are met.
Failing to Hire an Attorney to Draft Your Will
Though we live in the digital age with many free online will-writing kits available, the truth is, choosing to draft your will without the assistance of an experienced attorney on your side is almost never a good idea. This is because when it comes to writing a will, even the simplest misphrase can drastically alter the outcome of your will. Additionally, your will must be created and filed in a specific way. Failing to meet the proper requirements can lead to your will being found invalid. This can create a lot of undue stress and tension for your loved ones during what should be a time of mourning. While writing your will on your own may seem like the best option now, it will likely have negative effects in the long run.
Failing to Regularly Update Your Estate Plan
As life goes on, things change. For this very reason, you should update your estate plan every 3-5 years. It is also important to update your estate plan when you experience a major life change. Some reasons to update your estate plans include marriage, divorce, re-marriage, the birth/adoption of a child, the death of a loved one included in the plan, and so on. If you fail to update your estate plan, you may end up leaving an important family member out of the will or leaving more than intended to an ex-spouse.
To avoid making any of the above mistakes, it is in your best interest to hire an experienced estate planning attorney. Reach out to our firm today.
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.