Do often make mistakes? If yes. You wouldn’t want to make any mistake when planning your estate as doing so could affect you and your loved ones greatly. That said, below we have highlighted 3 worse estate planning mistakes and how to avoid them.
Mistake 1: Failure to update your plan overtime
Estate planning isn’t like one of those plans you make and leave. Having a plan is not enough. It is important that you update your plan, especially when significant changes happen. Some estate owner are fond of creating an estate plan and leaving it that way. They don’t modify the plan when a new baby is added to the family, when they acquire more assets, or when they get a divorce. If you fail to update your estate plan at the right time, your family may suffer the consequences. Contact an estate planning attorney, Brooklyn, now and update your estate plan.
How to prevent
The best way to avoid the mistake is by hiring an estate planning attorney to update your plan as time goes by. Whenever a significant change occur in your life or that of your family, don’t hesitate to contact an estate planning attorney to update your plan. For instance, if you remarry, you may want to alter your estate plan. Contact an estate planning attorney for guidance.
Mistake No 2: Failure to prevent probate
Probate remains the bane of all estate owners including estate beneficiaries. The probate process is one stressful, expensive, and time-consuming process that must be avoided at all costs. If you fail to create an estate plan that can bypass the probate process, you will directly be subjecting your family and loved ones to so much stress after your death. So, whenever you are planning your estate always have probate in mind.
How to prevent
Probate is a lengthy, expensive, and stressful process that must be avoided. The best way to prevent your estate from undergoing probate is by setting up a trust. A trust is a legal vehicle that facilitate the transfer of assets from a grantor to a beneficiary via the help of a third party (trustee). This estate planning document will ensure that your estate bypasses the probate process. Contact an estate planning attorney or a trust attorney to set up this legal estate planning document.
Mistake no 3: Not planning for disability or long term care
Your estate plan should make provisions for significant issues that may arise while you are alive like disability. You see, 70% of individuals of age 65 will require long-term care before their life winds up. A private room in a nursing home is quite expensive, and a home health aide costs over $50,000 annually.
With that said, you will be doing yourself a lot of favor if you added some disability planning in your estate plan so that when disability hits, you will have everything covered and wouldn’t have to worry too much.
How to prevent
Not planning for disability is a common mistake made by individuals. To prevent this mistake ensure you hire a competent estate planning attorney when planning your estate. A professional estate planning attorney or an elder attorney will help plan for the event of disability by setting up a Medicaid asset protection trust (or other necessary documents) to help safeguard your assets from this public health insurance program.
Need an estate planning attorney?
Planning an estate can be a complicated process. It involves a lot of paperwork and legal documents like power of attorney, trust, will, etc. Thus, if you want to plan your estate the right way, it is important that you contact a professional.
An estate planning attorney can help you in several ways. This professional can help you plan your estate and help you create the necessary estate planning documents. If you need to update your estate plan, this professional can be of help as well. Also, if you have concerns or questions, contacting an estate planning attorney is the best way to find answers.
We boast of competent estate planning attorneys who can help you navigate the tough estate planning process. Simple get in touch with our office so we can offer you or your loved ones our professional services.