Estate plan errors can have catastrophic consequences for you and your loved ones. Here are some of the most common ones and their solutions.
Not Having an Estate Plan At All
There are many reasons why estate owners do not yet have a plan for their estate. One is that they feel they are “too young” or “don’t need one.” We can all pray that they are right. However, in life, we must prepare for all possibilities and ensure that our loved ones ones are taken care of even in the most tragic ones.
Solution: Create an estate plan. However, do know that the easier solution isn’t always the best. Nowadays, there are even websites that promise you wills and trusts with just a few clicks. Don’t be fooled! Go to a reputable estate plan attorney that can assess your personal situation better than a drop-down menu can.
Not Updating the Plan Regularly
Many assume that working on an estate plan is a one-and-done deal. This thinking has led to many disastrous situations, such as the main benefactor in a will being the ex-spouse of the deceased.
Solution: Make sure to consult with an attorney anytime there has been an event that has affected your intentions, such as a divorce or death. It is important to be wary of other events that may affect your estate, such as alterations in your local estate law and tax provisions. Your estate lawyer has likely kept track of these better than you, so it is important to meet with him/her on a consistent basis to make sure your estate is updated.
Planning out an estate is one of the most important things to do yet can also be one of the most awkward and uncomfortable. Thinking and planning out certain “what-ifs” is never easy, but entrusting many matters onto a trustworthy estate planning lawyer can alleviate much of the technical and emotional burden off your shoulders and help you avoid some of these potentially perilous estate planning mistakes. For over two decades, clients have entrusted the Markey Law Office with writing, administering, and updating wills, trusts, and probates. Our clients range from middle-class families to multi-millionaires, but we balance the professional technicalities of such duties with the emotional sensibilities for all our clients. After all, everyone deserves peace of mind.