One of the most important things a person can do in their life is to create a comprehensive estate plan. Doing so allows them the peace of mind in knowing that their estate will be taken care of when they are no longer around to do so themselves. While this is true, the process of estate planning is not always simple. There are many different ways that it can be done in order to achieve certain goals. If a person is not careful, there are a variety of mistakes that can be made that have the potential to impact the future of an estate. Continue reading below to learn more.
Not Creating a Will
When you fail to create an estate plan for yourself, it can cause your loved ones to lose out on a significant amount of assets that you own. This is because there is no plan in place for how these assets should be distributed upon your death. The sooner an estate plan is created, the better. It does not matter how old you are. If a person dies without a plan in place, their estate can become the property of the state to be distributed based on a succession schedule.
Trying to Create Your Own Will
Technically, an estate planning attorney is not needed to write a will. There are many free will-writing options available to people online. These can be tempting in order to save time and money. However, as stated before, the process of estate planning can be complex. With the assistance of a proper attorney, you can be sure your estate plan is created properly to ensure your desires are met. Trying to create these documents on your own can open you up to potential legal pitfalls, impacting your estate and loved ones in the long run.
Failing to Plan for Incapacitation
Estate plans are not only meant to plan for death, but your future as well. While no one wants to consider the idea that they can become incapacitated at any point in their life, it is always better to be prepared than unprepared. Planning for incapacitation ensures your affairs are in order should someone be in charge of making important decisions on your behalf during this time.
Failing to Update Your Estate Plan
As life goes on, people experience significant changes in their life. This can include a variety of losses and additions to their lives. It is important that these changes are reflected in an estate plan. A plan should never be written and put away for the rest of your life. It is crucial to revisit the plan and update it as necessary. This is because you can gain or lose a family member, federal or state law may change, assets can be gained or lost, etc. An estate plan should be revisited every 3-5 years to be sure it still reflects the goals for your future and death.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.