When it comes to estate planning, people end up falling victim of certain mistakes. A mistake can be so costly such that it plunges the surviving family into confusion and bitterness. In the end, your surviving family would be angry at you for not putting better plans in place. To ensure you protect the happiness and financial future of your family, you need to have an estate plan devoid of mistakes.
And the best way to avoid costly mistakes when estate planning is to work with an experienced estate planning attorney near you.
Estate planning attorneys Buffalo, NY 14260
For help with estate planning in Buffalo, NY 14260, Contact our office to speak with one of our estate planning attorneys near you.
Top estate planning mistakes to avoid
1. Not creating a will because your assets are few
When you die without creating a will, it is known as dying intestate. Your wishes will not be known, and your estate, no matter how small, will be distributed according to what the court says. There is a predetermined outline on how it will be distributed among your spouse and children. Hence, the money in your account, the car or the house will not go to who you would have wanted or who is most deserving of it.
It would be enough if that were the only issue. The greatest issue is that when your wishes are not known, it gives room for your family members to squabble for assets. They may fight over the real property, suing one another to court. This causes bitterness when your family should be mourning your loss.
2. Doing DIY estate planning
It is tempting to do estate planning yourself in order to save cost, but this step may prove even much costlier in the end. By going it alone, you would not be able to employ those strategies known only to the experienced estate planning attorney. You may not be able to plan for tax, and you may make mistakes that become costly in the long run. For this reason, you’re always safer working with an experienced estate planning attorney.
3. Failing to carry out incapacity planning
Many people write their wills well but fail to plan for incapacity. They think all there is to estate planning is drafting a will but that’s not the case. In the event you become incapacitated in the future due to old-age, a severe illness, or something like Alzheimer’s, who would manage your financial affairs for you? If you do not plan for that now, there may be many family members fighting to take your place and make decisions in your stead. There would arise conflict of opinions. It’s better to plan now by appointing a competent and trusted individual who would make financial and healthcare decisions on your behalf in such an event. For incapacity planning, you can create either a power of attorney or a living trust.
4. Not remembering to update your estate plan
Many people create their estate planning documents and then keep them in a cupboard until the inevitable happens. But the truth is that people experience life changes as life goes on. You may get divorced, remarry, get new children, grandchildren, or even lose your beneficiary or fiduciary. You would have to reflect such changes in your estate plan as they occur. It’s important you address the new assets and new beneficiaries, while removing those you’ve lost. If these changes are not reflected, your newly gotten loved ones may be left out of the inheritance.
5. Not opening up to your estate planning attorney
If you’ve made the great decision to get help from an attorney, then you have to open up to them. Discuss your personal goals and estate situation as it is with this knowledge they’ll create your estate plan. They can only make suggestions based on the information you provide them. If you keep things from them, then they may not be able to provide you enough coverage for all your concerns.
Contact our estate planning attorneys 14260
Our estate planning attorneys are a team of highly-skilled attorneys helping New York clients navigate matters of estate planning and administration, probate, and litigation. If you need the help of a New York estate planning attorney in Buffalo 14260, kindly contact our law office today.
