Common mistakes made during estate planning

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Common mistakes made during estate planning

Estate planning is a crucal life plan and as such, it can be a daunting experience if you miss out vital stages, an unwise risk if you walk the process alone. However, it is less burdensome and safer if you work with an estate planning attorney, an experienced individual on estate plannng matters. Your surest and safest link to the best and suitable estate plan for you is an estate planning attorney.

One easy way to get over the stress and hurdles of estate planning in New York is to consult an estate planning attorney. Estate planning is a way of protecting yourself, your interest, assets etc. and ensuring your family, loved ones get covered and also protected. Estate planning is presumably one of the most urgent items that should be on your to do list. Thankfully, there is no later or earlier time to start, all you have to do is start now, while you can still afford to do so. Certain wrong perception about estate plans being only needed and available for the extremely wealthy or large family should be discarded. No matter what financial or medical situation you are in, you should prepare to start making your estate plans.

There are several myths and misconceptions about estate planning which in turn gives rise to numerous mistakes and total neglect of creating an estate plan. It would save you a lot of stress and money if you avoid the following mistakes.

  • Makng your estate plan YOURSELF: no doubt it is better to have a plan than not have one, in the same vein it is best to have a good plan than just a/any plan. Estate plannnng is far beyond writinng wills, a will is most likely to undergo probate. It is a more complex and comprehensive process that can be thoroughly followed through with an estate plannng attorney.
  • Will determines how everything I bequest is allocated: this is a common mistake estate owners make, in subjecting total and absolute power to the will. The will is a document that clearly states how you want your estate to be passed on when you are dead, yet a lot of people hold their wealth in form of life insurances, retirement plan accunts etc. these pass unto the beneficiaries without inclusion in the will. The will only controls real estate and other property in their possession.
  • Failure to mitigate estate taxes: a lot of peple under evaluate their estate and end up believing they don’t have a taxable estate, usually as a result ofnaccurate evaluations. When your estate exceed a certain amunt as stated by the New York state laws a percentage of your estate worth has to  go in the form of tax. Being up to date with these state laws will enable you to plan properly to avoid losing a huge amunt of money to tax.
  • Leaving property to a minor: any child below 18 years of age cannot be handed an estate. The insurance company will rather commit it to an appointed guardian for the child, to hold and manage till the child attains the legal age of 18. If you don’t appoint a trustee or guardian for your minor before your death, the court would appoint a guardan, who may not be someone you’d want.
  • failure to update plans:  what worked in 2018 mght no longer be in effect in 2020, it is very important to be in sync wth the dynamic federal and state laws on estate, updating your plans periodically will go a long way to guarantee the success of this plan. Also, life changes are bound to occur such as death of spuse, divorce, incapacity and the likes, your estate plan has to be constantly formatted to accomodate these changes.

An Estate planning attorney helps you to avoid this common mistakes and is readily available to walk you through every step of the way. They prepare important documents and provide due representation with your best interest at heart in the court of law.

Get professional help

Do you reside in Buffalo, New York? Get on with making the best estate plan with experienced estate planning attorneys our firm boasts of. Give us a call today and get free consultation, happy planning.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

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