Our Estate Planning Attorney Talks About Common Mistakes Made Long-Term By Baby Boomers

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Planning for retirement is not always as cut and dry as you want it to be, but an estate planning attorney can assist you in making the process go smoothly.

Baby boomers have a lot on their plate and as they do near the retirement age, they need to start to think about what happens to their estate if they become too ill to make decisions and what happens to their estate once they pass.

It can difficult to think and talk about these things, but it is something that must be done to protect the future of your family. Creating a sound estate plan can help protect your assets and make sure your wishes are played out EXACTLY the way you want.

If you are in a position where you need guidance or you would like us to review your current estate plan, do not hesitate to reach out to our estate planning attorney in NYC. We are here to help you!

Long-Term Mistakes Made: Our Estate Planning Attorney Can Help

Unfortunately, many baby boomers make some mistakes as they plan their estate and these mistakes can affect them long term. Below, our estate planning attorney will discuss which mistakes you want to avoid.

  1. No directives in place.

Ah. One of the biggest mistakes you can make is not assigning any directives such as a healthcare proxy or power of attorney. Without the proper forms in place and someone named, you may find that your wishes are not upheld, and your family is left watching the state make decisions.

  1. Focusing on long-term investments.

Not all long-term investments are a bad idea, but there are some you want to completely avoid. In general, you should not focus on long-term investments where you must pay penalties to receive your money or investments where you have no liquidity.

  1. Not updating your beneficiaries.

A simple oversight in visiting and updating your beneficiaries can mean that your current wishes are not correctly followed.

It is vital that you make sure you update who your beneficiaries are and make changes as needed to have the most current information on file.

  1. Downloading a form online and trusting it is enough.

There are many forms online that claim you can create an estate on your own, but it should NEVER replace proper legal counsel.

Often, these forms may not comply with the laws here in NYC and you may not have a true legal document in hand.

Get Help From Our Estate Planning Attorney in NYC Today

The above mistakes are easy to make but with a trusted estate planning attorney on your side, you will know that you are not making those common mistakes.

Your estate plan is an essential part of your future and should be created and reviewed periodically. If you need help with the process, our attorney is here to assist. Call Morgan Legal Group PC now at 212-561-4299 to schedule an estate portfolio review.