It is important for anyone to create a comprehensive estate plan at some point throughout their life. Even though it can seem daunting to plan for your death, having a plan for your assets can only benefit you and your loved ones when the time comes. In creating an estate plan, there are many ways a simple mistake can be made. It is because of this that it is important to educate yourself on the process and enlist an experienced New York estate planning attorney for assistance. This can help you to avoid the following common mistakes:
Not Creating a Will
When a person creates a will, they have an outline for what they intend to happen to their assets when they die. If they die without one in place, it is known as dying intestate. When this happens, there is no plan left behind for what the deceased wanted for their cherished belongings. This often leaves loved ones scrambling to figure out which assets belong to whom. However, in these situations, the deceased’s assets are left in the possession of the state and distributed based on a succession schedule.
Creating a Will on Your Own
While it can be tempting to save time and money by creating an estate plan on your own, doing so can lead to certain legal pitfalls. Even small mistakes have the potential to harm an estate plan in the long run. It is because of this that it is best to hire an estate planning attorney for guidance.
Neglecting to Plan for Incapacitation
No one wants to consider the idea of becoming incapacitated in the future. However, it is always better to be prepared for the worst than to not be prepared at all. This is why a loved one should be appointed to make decisions for you in the event that you find yourself unable to do so on your own in the future.
Failure to Update an Estate Plan
People experience many changes in life. This can include divorce, remarriage, new children, grandchildren, adoptions, and more. When these changes occur, it is important that they are reflected in your estate plan. Failure to update an estate plan can leave loved ones without the assets and resources they may need after your death.
Keeping Secrets From an Estate Planner
There are many people that may be hesitant to offer up information about themselves to their estate planning attorney. However, it is the attorney’s job to make suggestions for an estate plan based on the details of your life and belongings. It is because of this that, with vague or incomplete details, they can be left unable to do their job.
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.