It is important for anyone to create a comprehensive estate plan at some point in their life. Doing so allows them to be certain their estate will be taken care of when their life is over. However, the process of creating an estate plan is not always a simple one. A plan can be made in a variety of different ways depending on the goals a person wishes to accomplish. It is because of this that there are also many mistakes that can be made during this time that can impact the future of an estate. Continue reading below to learn more and contact an experienced New York estate planning attorney for guidance.
Not Creating a Will
The failure to write a will within your estate plan can result in loved ones losing out on cherished and valuable assets. This is because there is no plan in place for how they should be distributed. This can be created at any point throughout a life, regardless of how old you are. As soon as you begin to gather assets in your life, you can benefit from this. Dying without a will leaves your property in the hands of the state to be distributed based on a succession schedule.
Trying to Create Your Own Will
An estate planning attorney is not required to write a will. There are a variety of free templates online to help people write a will on their own. While this can be tempting to save time and money, it is better to have the help of an attorney during this time. This is because the process can be complex and it is possible to leave out many important details as well as open yourself up to potential legal pitfalls. An attorney can make sure your plan is created properly so that your future desires are met.
Failing to Plan for Incapacitation
An estate plan is not useful for only after death. It can be used in order to prepare for your future as well in the event that your health becomes an issue. While no one wants to think about it, it is best to have a plan in place if you become incapacitated at any point in your life and can no longer communicate your own wishes. This ensures your affairs are in order so that someone else can make important decisions on your behalf.
Failing to Update Your Estate Plan
People experience many changes in their lives as it goes on. It is important that these changes are reflected in an estate plan. You should never write your plan and store it away for the rest of your life. Instead, revisit it every few years and include proper updates. This can include gaining or losing a family member, federal or state law changes, gaining or losing assets, etc.
Contact our Firm
Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.
