Estate planning can be difficult. In fact, without the help of an experienced estate planning attorney, a lot can go wrong. Read on to learn more about the most common estate planning mistakes and how to avoid them:
Not Creating a Will
Some people believe that they do not have to create a will if they don’t have children or if they do not have an especially high net worth. This is not true. Anyone over the age of 18 who owns property should create a will. A will does not only include financial assets. You can also leave assets of sentimental value to your loved ones. This can include photos, letters, gifts, family heirlooms, and more.
Trying to Create Your Own Will
You are able to create a will without an attorney, but this is generally not a good idea. Without an attorney, it is easy to make mistakes and create an invalid will. If your will is found invalid, your assets may be divided by the state of New York, rather than according to your specific wishes and plans. This will cause a lot of trouble for your loved ones down the line. An attorney can help you create a comprehensive and cohesive estate plan.
Failing to Plan for Incapacitation
An estate plan is not useful only after death. It can be used in order to prepare for your future as well. For example, it is important to be prepared 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
Once you create your estate plan, you may simply put it aside and forget about it. This is a huge mistake. As your life changes, your estate plan should change as well. Some common reasons to update your estate plan include the birth/adoption of a child, marriage, divorce, or the death of a loved one included in the plan. Generally, it is a good idea to update your estate plan every 3-5 years.
If you have any questions about the estate planning process, our firm is here to help.
Contact Our Experienced Firm Today
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.